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EDF plays down potential Hinkley price hike

Hinkley c pre construction works may 2015

EDF Energy has released a statement playing down information in shareholder documents which revealed there is an extra £2.7bn contingency margin for the £18bn Hinkley Point C project.

It said the cost of the project remains £18bn and this has not changed. This money includes provision for risks and contingencies and it expects the project to be on budget at £18bn and not increase to £20.7bn.

However, the statement added: “The total equity the two shareholders are committed to provide if necessary includes 15% of additional capacity amounting to £2.7bn.

“This does not mean that we anticipate any additional costs beyond £18bn. It simply reflects normal, prudent good practice for any construction project to know that the money would be available in the case of more extreme scenarios.

“We don’t expect to use the additional 15% because we expect that Hinkley Point C will be on time and on budget at £18bn.”

A final decision on whether to go ahead with the project is yet to be made.

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