Taxpayers and consumers face a \u201chigh level of risk\u201d, according to PAC, 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<\/a> in Somerset.<\/p>\n Under the terms of the multibillion-pound deal<\/a>, which will be paid for through taxes and energy bills, the UK government holds a 44.9% stake while French state nuclear developer EDF has a 12.5% stake.<\/p>\n The rest of the funding has come from private investors including the British Gas owner Centrica, which holds a 15% share, alongside the Canadian investment group La Caisse, which holds 20%, and the investment manager Amber Infrastructure<\/a>, which has a7.6% stake.<\/p>\n The UK government was forced to take a larger than expected share of the project after buying out Chinese state nuclear developer CGN, which had been allowed to hold a 20% stake in Sizewell C before national security concerns emerged.<\/p>\n The watchdog warned that while the British public could be called on to shoulder multibillion-pound cost overruns, the nuclear project\u2019s private investors would only need to put in an extra \u00a330m.<\/p>\n Sir Geoffrey Clifton-Brown, the PAC chair, said: \u201cThe 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.\u201d<\/p>\n He urged the government to \u201cfocus on the successful delivery of this project\u201d, and in building confidence in the UK\u2019s nuclear industry more broadly, so that taxpayers will \u201cnever be put in this position again\u201d.<\/p>\n A government spokesperson said the report \u201ccompletely ignores that investors are incentivised to complete construction as cheaply and quickly as possible\u201d through the terms of the deal.<\/p>\n \u201cOnce operational, Sizewell C could save \u00a32bn 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,\u201d the spokesperson added.<\/p>\n
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