UK Nuclear Power Ambitions Hampered by Delays and Soaring Costs

Nuclear


STU TURLEY

  • The construction of Hinkley Point C and Sizewell C nuclear power plants is facing significant delays and cost overruns, jeopardizing the UK’s energy security.
  • Sellafield Ltd’s cybersecurity failings have raised concerns about the safety and security of the UK’s nuclear industry.
  • The UK government’s ambitious plans to expand nuclear power are facing criticism due to the high costs and potential impact on taxpayers.

As the U.K. government doubles down on plans to develop the country’s nuclear power industry following decades of neglect, severe delays and cost increases are hampering progress. Delays and rising costs at the Sizewell C and Hinkley C nuclear projects have drawn public criticism, while concerns over public safety have been brought into question due to cybersecurity failings by Sellafield Ltd. While public support for nuclear power is at its highest level in decades, these failings could hinder the development of a strong nuclear power industry in the U.K.

Hinkley Point C in Somerset, in the Southwest of England, is the first commercial nuclear power station to be constructed in the U.K. since the mid-1990s. The project started over a decade ago and, in that time, costs have risen over and over again, sending it over budget and causing delays. The project, being led by Électricité de France (EDF), is now expected to take several more years to complete. Around 11,000 workers are employed by EDF to get Hinkley up and running, and while operations were set to commence in 2027, EDF said in 2022, it now looks like 2030 or 2031 could be a more likely start date. This additional delay is expected to increase the cost of the plant by billions.

Sizewell C, which is being developed by EDF in Suffolk, in the East of England, has doubled in cost since initial 2020 plans, to almost $49 billion, according to claims in a recent report. This price increase is attributed to the rise in construction materials and inflation, among other factors. EDF is currently in discussions with the government about how to fund the additional project costs. A recent report from the court of auditors advises that EDF seek new investors for Hinkley C before it makes a final investment decision on Sizewell C.

The U.K. government and EDF currently plan to fund 40 percent of Sizewell C, which is expected to power as many as six million homes once operational. The government is seeking financing from private investors to fund the remaining 60 percent of the development. A final funding decision is expected to be made at the government’s review of public spending in June. At Hinkley, the agreement with the government states that EDF will only begin to earn revenue once the plant is operational, which has put greater financial constraints on the French firm. A different agreement is expected for Sizewell C to reduce this financial burden on EDF.

The Labour donor and green energy entrepreneur Dale Vince has criticised the government’s funding plan, stating, “If Hinkley Point C is anything to go by, Sizewell C really should have rigorous financial scrutiny.” Vince explained, “Originally priced at £18 billion ($22 billion), the cost of Hinkley has ballooned to £46 billion ($56 billion) and then there’s the delays. Back in 2007, the then EDF chief executive Vincent de Rivaz said that by Christmas 2017 we would be using electricity generated from atomic power at Hinkley. We’re now in Christmas 2024 and Hinkley isn’t due to be completed until 2031.”

Many are concerned about the U.K.’s lack of experience in nuclear power after decades of no new development. Nuclear power plants are extremely complex to build and due to the lack of development over the past 30 years, Britain no longer has the right skills and contractors to support construction.

Simon Taylor, a professor at the University of Cambridge’s Judge Business School believes that “The U.K. and the U.S. have, in a sense, forgotten how to build nuclear power stations.” Taylor explained, “We may rebuild that knowledge, but it will take a long time.”

The long delays faced at Hinkley are forcing four of the U.K.’s oldest nuclear power plants to continue running for over a decade longer than previously planned to help bridge the gap in delivering clean power. EDF has agreed to expand the lifespan of the reactors, once again, to “boost energy security and reduce dependence on imported gas”. The Heysham 2 nuclear reactor in Lancashire and the Torness nuclear plant in East Lothian, Scotland are now expected to continue operating for an extra two years to March 2030.

Meanwhile, Sellafield Ltd has been ordered to pay over $470,000 in criminal charges over years of cybersecurity failings at its nuclear site in Cumbria in the North of England. The company left information threatening national security exposed for four years, according to the industry regulator the Office for Nuclear Regulation (ONR). The ONR also found that 75 percent of Sellafield’s computer servers were vulnerable to cyber-attack. The company pled guilty to charges in October last year.

Despite ambitious U.K. government aims to provide abundant clean energy through the development of the country’s nuclear power sector, energy experts are concerned that the severe delays and cost increases on new nuclear projects could compromise the green transition and end up costing taxpayers billions in additional costs. Meanwhile, cybersecurity failings by Sellafield Ltd have cast a dark shadow on the industry, meaning the government must quickly reassure the public of the benefits of developing the U.K.’s nuclear power over the coming decades.

Source: Oilprice.com

https://energynewsbeat.co/investment-survey/

Via Stu Turley

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