Hinkley Point C Update
A review of the schedule and cost for the two Hinkley Point C reactors has been finalised1 and it has concluded:
- The start of electricity generation for Unit 1 is targeted for June 2027, the risk of further delay of the two units is assessed at 15 months, assuming the absence of a new pandemic wave and no additional effects of the war in Ukraine2.
- The project completion costs are now estimated in the range of £25Bn to £26Bn (2015)3. Under the terms of the Contract for Difference, there is no impact for UK consumers.
During more than two years of the Covid-19 pandemic, the project continued without stopping. This protected the integrity of the supply chain and allowed the completion of major milestones. However, people, resources and supply chain have been severely constrained and their efficiency has been restricted. In addition, the quantities of materials and engineering as well as the cost of such activities, including, in particular marine works have risen.
The next major milestone is the lifting of the dome on Unit 1, forecast for the second quarter of 2023.
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As a major player in energy transition, the EDF Group is an integrated energy company active in all businesses: generation, transmission, distribution, energy trading, energy sales and energy services. EDF group is a world leader in low-carbon energy, having developed a diverse production mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group is involved in supplying energy and services to approximately 38.5 million customers (1), of whom 29.3 million in France (2). It generated consolidated sales of €84.5 billion in 2021. EDF is listed on the Paris Stock Exchange.
(1) Since 2018, customers are counted per delivery site. A customer can have two delivery points: one for electricity and another one for gas.
(2) Including ÉS (Électricité de Strasbourg) and SEI.
1 The review took into account the main aspects of the project. The schedule and cost of electromechanical works and of final testing have not been reviewed.
2 Since the beginning of construction, the project has been delayed by 18 months in total, mainly due to the Covid-19 pandemic. See the press release of January 27, 2021.
3 Costs net of operational action plans, in 2015 sterling, excluding interim interest and at a reference exchange rate for the project of £1 = €1.23.
- PR_ EDF Hinkley Point C Update