MPs' committee warns Sizewell C funding leaves taxpayers with 'extraordinary' risk
Parliament's Public Accounts Committee says the government's funding model for Sizewell C exposes taxpayers and billpayers to a high level of risk, with costs possibly reaching almost £48bn. The government says investors are incentivised to build cheaply and quickly and that the plant will cut system costs.
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The story, neutrally told
Mixed · 2The Commons Public Accounts Committee (PAC) has warned that the government's plan to fund the Sizewell C nuclear plant in Suffolk carries a "high level of risk" for taxpayers and consumers over the rest of the century. The GuardianLC “Taxpayers and consumers face a “high level of risk”, according to PAC” Read at The Guardian ↗ Anadolu AgencyN “would bring a "high level of risk" for the taxpayers over the rest of the century” Read at Anadolu Agency ↗ Left · 1The Guardian reports that the committee called the plan a "terrible deal" for taxpayers; this wording appears in its headline and opening paragraph. The GuardianLC “represents a “terrible deal” for the UK taxpayer over the rest of the century” Read at The Guardian ↗ Mixed · 2The committee said the cost of the reactor could spiral to almost £48bn, leaving bill payers to provide an extra £9.8bn to build the plant before 2040 and a further £12bn over its 60-year operating life. The GuardianLC “the cost of the Sizewell C nuclear reactor could spiral to almost £48bn, leaving bill payers on the hook to provide an extra £9.8bn” Read at The Guardian ↗ Anadolu AgencyN “a further £12 billion over its 60-year operating life” Read at Anadolu Agency ↗
Mixed · 2The government has taken a near-45% stake (44.9%) in the plant, which is seen as a successor to the delayed Hinkley Point C in Somerset. The Guardian lists the other holders as EDF (12.5%), Centrica (15%), La Caisse (20%) and Amber Infrastructure (7.6%). The GuardianLC “the UK government holds a 44.9% stake while French state nuclear developer EDF has a 12.5% stake” Read at The Guardian ↗ Anadolu AgencyN “successor project to the heavily delayed Hinkley Point C nuclear plant in Somerset” Read at Anadolu Agency ↗ Left · 1According to the Guardian, the government's stake is larger than expected because it bought out the Chinese state developer CGN, which had been allowed a 20% share before national security concerns arose. The watchdog said private investors would need to put in only an extra £30m against possible multibillion-pound overruns for the public. The GuardianLC “The UK government was forced to take a larger than expected share of the project after buying out Chinese state nuclear developer CGN”“the nuclear project’s private investors would only need to put in an extra £30m” Read at The Guardian ↗ Mixed · 2Committee chair Sir Geoffrey Clifton-Brown said the risk borne by taxpayers and consumers was "extraordinary", that private investors "look set for significant returns", and that customers were likely to be "saddled with higher energy bills". He urged the government to focus on successful delivery. The GuardianLC “Private investors look set for significant returns on their investments, while customers are likely to be saddled with higher energy bills.” Read at The Guardian ↗ Anadolu AgencyN “He urged the government to "focus on the successful delivery of this project."” Read at Anadolu Agency ↗
Mixed · 2A government spokesperson said the report "completely ignores" that investors are incentivised to finish construction as cheaply and quickly as possible. They added that once operating, Sizewell C could save £2bn a year across the energy system, and that over 2,000 workers are already on site. The GuardianLC ““completely ignores that investors are incentivised to complete construction as cheaply and quickly as possible”” Read at The Guardian ↗ Anadolu AgencyN “Sizewell C could save £2bn a year across the energy system” Read at Anadolu Agency ↗ Left · 1The government expects Sizewell C to cost £40.5bn to £47.7bn and to finish construction between 2039 and 2043. The committee asked for the scenario analysis behind those estimates within three months and for progress updates every six months. The GuardianLC “The government expects Sizewell C to cost between £40.5bn and £47.7bn and to complete construction between 2039 and 2043.”“provide an update on the project’s development every six months” Read at The Guardian ↗ Left · 1Campaigners Alison Downes of Stop Sizewell C and Prof Steve Thomas, who gave joint evidence to the committee, argued that abandoning the project now would cost less than paying inflated bills over 60 years. Tom Greatrex of the Nuclear Industry Association said the plant would provide clean, reliable power and could save households billions in grid balancing costs. The GuardianLC “the cost of abandoning the project today would be lower than the cost of paying inflated energy bills over 60 years “multiple times over””““clean, reliable and constantly available power”” Read at The Guardian ↗
Centre · 1Anadolu adds context that a Nuclear Regulatory Taskforce review last November concluded the UK had become the world's most expensive country in which to build nuclear plants. It describes the review as set up by "then-Prime Minister Keir Starmer". Anadolu AgencyN “concluded that the UK has become the world’s most expensive country in which to build nuclear power plants” Read at Anadolu Agency ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left1 outlet
- Framing
- Leads with the committee's "terrible deal" verdict, then gives detail on stakes, risk allocation and the investor/taxpayer imbalance.
- Emphasis
- Risk asymmetry (£30m extra from private investors versus billions from the public), the CGN buyout, and critics' calls to rule out this model, balanced by the government and the nuclear industry's replies.
- Leaves out or plays down
- Does not mention the Nuclear Regulatory Taskforce finding on UK nuclear costs.
- Charged language
- “terrible deal”“extraordinary”“free ride for investors”
- For example
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“represents a “terrible deal” for the UK taxpayer over the rest of the century” — The Guardian
““All it offers is a free ride for investors and financial pain for households,”” — The Guardian
Centre1 outlet
- Framing
- A short report relaying the Guardian's coverage, framed as a committee voicing concern, with the government's response.
- Emphasis
- The £48bn headline cost and the committee's risk warning, plus background on the Nuclear Regulatory Taskforce's finding that the UK is the world's most expensive place to build nuclear plants.
- Leaves out or plays down
- Leaves out the "terrible deal" wording, the stakeholder breakdown, the CGN buyout, the £30m investor contribution, and the campaigners' and industry views.
- Charged language
- “high level of risk”
- For example
-
“local media reported Wednesday” — Anadolu Agency
“The Parliamentary Public Accounts Committee said the cost of the Sizewell C nuclear reactor could spiral to almost £48 billion” — Anadolu Agency
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- The Public Accounts Committee says taxpayers and consumers face a high level of risk from the Sizewell C funding plan.
- The committee says costs could reach almost £48bn, with an extra £9.8bn from bill payers before 2040 and £12bn over 60 years.
- The government holds a near-45% stake.
- A government spokesperson says investors are incentivised to build cheaply and quickly and that Sizewell C could save £2bn a year.
Where accounts differ
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Whether the funding model is a bad deal for the public
- Left
- The Guardian leads with the committee's "terrible deal" verdict and gives space to critics who say households get "financial pain" while investors get a "free ride".
- Centre
- Anadolu reports the committee's warning of "high level of risk" and the government's rebuttal, without the "terrible deal" wording or critics' comments.
- Right
- No right-leaning outlet covered the story.
Public Accounts Committee organisation
Says taxpayers and consumers bear an "extraordinary" level of risk while private investors stand to make significant returns. It wants the scenario analysis behind the cost estimates within three months and project updates every six months.
“The high level of risk borne by taxpayers and consumers for the construction of Sizewell C is extraordinary.” — The Guardian
“The committee has called on the government to provide the scenario analysis it used to underpin its cost estimates” — The Guardian
UK and Ireland1 outlet
The Guardian gives a detailed domestic account, including ownership stakes, the CGN buyout and campaigner and industry views.
“The UK government was forced to take a larger than expected share of the project after buying out Chinese state nuclear developer CGN” — The Guardian
The Guardian
Middle East1 outlet
Anadolu summarises the story as reported by British media, focusing on the cost and risk warning and the government reply.
“local media reported Wednesday” — Anadolu Agency
Anadolu Agency
Left1 article
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Plan for multibillion-pound Sizewell nuclear plant a ‘terrible deal’ for UK taxpayers, MPs say
Critical Presents the committee's "terrible deal" finding as the lead, with detailed risk figures and critics' quotes, alongside government and industry rebuttals.
Centre1 article
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UK committee voices concern over plan for multibillion-pound Sizewell nuclear plant
Neutral Brief relay of the Guardian's report on the committee's concern, adding the government's reply and the Nuclear Regulatory Taskforce context.
Right0 articles
No coverage yet.
- 28 Oct 00:01 First The GuardianLC Plan for multibillion-pound Sizewell nuclear plant a ‘terrible deal’ for UK taxpayers, MPs say
- 28 Oct 12:48 +12h 47m Anadolu AgencyN UK committee voices concern over plan for multibillion-pound Sizewell nuclear plant
Times are when each article was published, or when we first saw it if the outlet gave no time.
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