Public accounts committee says Sizewell C deal exposes taxpayers to high risk

The short version

• The Guardian reports MPs on the public accounts committee call the Sizewell C funding plan a bad deal for taxpayers over the rest of the century.[The Guardian]
• The committee warns Sizewell C costs could spiral to almost £48bn, leaving billpayers an extra £9.8bn before 2040 and £12bn over operations.[The Guardian]
• The government holds a 44.9% stake and EDF holds 12.5%, and the government expects completion between 2039 and 2043.[The Guardian]
• A government spokesperson says the report ignores investor incentives, and the committee's cost warning differs from the government's own estimate of £40.5bn to £47.7bn.[The Guardian]

Key facts

• MPs on the public accounts committee warned Sizewell C costs could spiral to almost £48bn, with billpayers facing an extra £9.8bn before 2040 and £12bn over the 60-year operating life.[The Guardian]
• The government holds a 44.9% stake and EDF holds a 12.5% stake under the deal.[The Guardian]
• Centrica holds a 15% share, La Caisse holds 20%, and Amber Infrastructure holds 7.6%.[The Guardian]
• The government expects Sizewell C to cost between £40.5bn and £47.7bn and to complete construction between 2039 and 2043.[The Guardian]
• Sir Geoffrey Clifton-Brown described the high level of risk borne by taxpayers and consumers as extraordinary.[The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Plan for multibillion-pound Sizewell nuclear plant a ‘terrible deal’ for UK taxpayers, MPs sayThe Guardian - Environment