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    EDF secures further funding for Hinkley Point C in new settlement


    December 2, 2022 - NICHOLAS EARL

     

      EDF HAS secured 14 years of funding for the UK's upcoming nuclear plant Hinkley Point C in case of the risk of further delays.

      The French energy giant has agreed a new contract ensuring its funding even if it does not start operating until 2036.

      It confirmed to City A.M. the project is still on course for completion in 2027, following an approximately two year delay driven by the pandemic and supply chain disruptions.

      The plant is also roughly 45 per cent over budget - having initially been projected to cost £18bn, but now expected to be priced at £26bn.

      The new subsidy contract still includes clauses in the former deal, which was set to expire just three years earlier in 2033.

      This includes stipulations such as shortened payments to EDF if Hinkley Point C fails to start generating power by May 2029.

      If the plant is up and running by that date, EDF receives a guaranteed £92.50 per megawatt hour for its electricity for the first 35 years of its life.

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