Taxpayers will be taking risk alongside other investors in the development of Sizewell C including potential cost-overruns with the total cost to tax and billpayers unknown.
Yet the construction of the Somerset plant is years behind schedule. EDF, the French energy giant building it and which will construct Sizewell C, originally envisaged it opening in 2017. Hinkley Point C is also billions of pounds over budget.
immediately demanded a review of Hinkley Point C on becoming prime minister and, even though her government ultimately approved the project, she also took note of a suggestion in the NAO's report that new funding models be considered for subsequent new nuclear power stations. The other elements in the RAB model include electricity consumers - households and businesses - paying for the plant while it is still under construction through their bills.
The Department for Business, Energy and Industrial Strategy said today that the lower cost of financing a large-scale nuclear project through this scheme was"expected to lead to savings for consumers of at least £30bn on each project throughout its lifetime" compared with the existing arrangements governing the financing of Hinkley Point C.
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