The French Government is reportedly urging British officials to provide loan guarantees for Hinkley Point C, the UK’s flagship nuclear power station, as soaring costs place financial strain on the French state-owned utility, EDF.
The projected cost has surged to £46 billion, up from £18 billion in 2015 prices, with completion now delayed to at least 2029.
According to the Financial Times, while EDF bears construction cost overruns, French officials seek UK state guarantees on new Hinkley-related loans to enable EDF to issue project-level debt and alleviate financial pressure.
A Department for Energy Security and Net Zero spokesperson told Energy Live News: “Hinkley Point C is not a government project and so any additional costs or schedule overruns are the responsibility of EDF and its partners and will in no way fall on taxpayers.
“In 2016, we agreed to support EDF with a strike price of £92.50 per megawatt-hour for the electricity they will produce at Hinkley Point C. In return, they agreed to take on the financial risk of the project.”
Energy Live News has contacted EDF for comment.
