French energy company EDF said the launch of its Hinkley Point C nuclear plant project in Britain would be delayed until June 2026 as it also lifted cost forecasts.
“The project completion costs are now estimated in the range of £22bn – £23bn,” the company said in a statement on Wednesday, against a 2019 estimate of £21.5bn – £22.5bn.
“The start of electricity generation from (Hinkley’s) Unit 1 is now expected in June 2026, compared to end-2025 as initially announced in 2016,” it added.
Once completed, Hinkley will generate electricity for around six million, or 7%, of the UK’s homes.
EDF said the delay and increased costs mean the expected rate of return from its investment would fall to between 7.1% – 7.2% from 7.6% – 7.8% .
It added that a delay of nine to 15 months for Units 1 and 2 of the project would cost around £700m and hit the rate of return by a further 0.3%.
