A cross-party Public Accounts Committee has declared the £40bn Sizewell C nuclear plant a "terrible deal" for British taxpayers, warning the financing model must never be repeated. The inquiry found taxpayers and consumers bear "extraordinary" financial risk while private investors "cash in" with significant returns.
The government holds a minority stake in the project delivery body despite providing £3.8bn in equity and nearly £37bn in loans. EDF contributes £1.05bn, while private investors La Caisse, Centrica and Amber Infrastructure add £3.65bn. Under the regulated asset base model, consumers start paying during construction.
PAC chair Sir Geoffrey Clifton-Brown said the UK had no choice but to offer attractive terms due to decades of policy failure on nuclear investment. However, if costs reach £47.7bn, consumers could pay £9.8bn more during construction and £12bn more over the plant's life, while private investors would add only £30mn.
Critics including Stop Sizewell C and Professor Steve Thomas urge immediate cancellation. Sizewell C CEO Nigel Cann defends the project as essential for energy independence and low-carbon power.
Source: Financial Times Companies · Summarized by HeadlinesBriefing