EDF's Hinkley Point C facing fresh budget overruns, according to Le Monde

Hinkley C nuclear power plant, Britain's first nuclear station to be built in decades, is facing budget overruns of between one billion and three billion euros, as its construction could be delayed by two years.

Citing sources close to the matter, French newspaper Le Monde reported on Saturday that the first conclusions of an internal review of the project revealed that construction initially slated for end-2025 was not likely to commence before 2027.

"The first conclusions [...] show there will be a financial overrun tied to calendar delays," several sources close to the matter said.

On Monday, the French power group said a review was ongoing and the results would be made public when it was completed.

Hinkley Point C had been consistently hamstrung by delays and was the object of criticism due to its guaranteed price for electricity, which was higher than then current market prices.

On 23 June, the National Audit Office said the Department for Business, Energy and Industrial Strategy's agreement for JHinkley Point C had locked consumers into a "risky and expensive project with uncertain strategic and economic benefits".

For instance, the expected cost of top-up payments for Hinkley Point C's contract for difference had increased from £6bn to £30bn, NAO said.

NAO called on the Department to ensure thatthe proper oversight arrangements were in place to allow the contract to be managed in such a wat that maximised Hinkley Point's value for customers and taxpayers.

EDF's UK arm EDF Energy was building the £18bn pound plant in southwest England alongside China General Nuclear Power Corporation (CGN), which held a 33.5% stake in the project.