France's EDF says it is still reviewing costs for Hinkley Point C following media reports of overruns

 
Courtney Goldsmith
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EDF said its review of the costs and timings of Hinkley Point C will be published soon (Source: Getty)

French utility EDF today told investors it is still reviewing the costs and schedule of its Hinkley Point C power plant in the UK after media reports said overruns are likely.

"As indicated in the 2016 annual financial report, a full review of the costs and schedule of the Hinkley Point C project is in progress following the financial investment decision and in accordance with the project company's rule of governance," EDF said.

The company said the review should be completed "soon", and it will disclose the results as soon as possible.

French newspaper Le Mond reported over the weekend that Hinkley Point's budget was set to overrun by between €1-3bn (£0.9-2.6bn) as construction could be delayed by two years.

This followed a hard-hitting report by the UK's National Audit Office (NAO) on Friday which condemned the planned nuclear power station as a “risky and expensive project with uncertain strategic and economic benefits”.

The government's spending watchdog found that ministers had not sufficiently considered the costs and risks of the £18bn project to consumers, and value-for-money tests showed the economic case was “marginal” and subject to significant uncertainty.

Hinkley Point C, located in Somerset, is set to be the first nuclear power station built in the UK since 1995.

Read more: Key Hinkley funder EDF will be forced to close oldest French nuclear plant

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