The last decade or so has been full of ups and downs, with construction of two EPR pressurised water reactors (PWRs) at Hinkley Point C a prominent example.
Originally announced in 2010 and, according to lead investor EDF, now on course to open in 2026, the project has been the source of financing tensions between the government and its owners. A reflection of those is that while the original estimate was that Hinkley C could produce electricity at £20/MWh, the final ‘strike price’ EDF negotiated is £92.50/MWh (2012 prices and indexed to rise with inflation). And the project is still a year behind schedule.
It is the only one of eight nuclear power station sites originally selected by Westminster to be under construction. In 2018, Toshiba pulled out of a project at Moorside in Cumbria, and two years later Hitachi also formally withdrew from another at Wylfa Newydd on Anglesey. Meanwhile, at least half of the UK’s existing nuclear capacity is set to be...