A British parliamentary committee has warned that the government plan to build an additional Sizewell nuclear plant would bring a "high level of risk" for the taxpayers over the rest of the century, local media reported Wednesday.
The Parliamentary Public Accounts Committee said the cost of the Sizewell C nuclear reactor could spiral to almost £48 billion ($63.7 billion), The Guardian reported.
This would leave bill payers on the hook to provide an extra £9.8 billion to construct the plant before 2040 and a further £12 billion over its 60-year operating life, they warned.
According to the committee, taxpayers and consumers face a "high level of risk," after the government agreed to take a near-45% stake in the nuclear plant, which is considered a successor project to the heavily delayed Hinkley Point C nuclear plant in Somerset.
Last November, a review by the Nuclear Regulatory Taskforce, established by then-Prime Minister Keir Starmer, concluded that the UK has become the world's most expensive country in which to build nuclear power plants, urging sweeping reforms to streamline regulation and reduce project costs.
Geoffrey Clifton-Brown, the committee chair, said: "The high level of risk borne by taxpayers and consumers for the construction of Sizewell C is extraordinary. Private investors look set for significant returns on their investments, while customers are likely to be saddled with higher energy bills."
He urged the government to "focus on the successful delivery of this project."
A government spokesperson said the report "completely ignores that investors are incentivized to complete construction as cheaply and quickly as possible" through the terms of the deal.
"Once operational, Sizewell C could save £2bn a year across the energy system, cutting costs for families up and down the country, and the project is already making good progress with over 2,000 workers on site," the spokesperson was quoted by the British daily as saying.
