Petition to the Independent Chair of the Treasury's new 'Office of Value for Money'
We, the undersigned, urge you, as the new Office of Value for Money's independent Chair*, to call in the Sizewell C project for urgent scrutiny, as it is currently proceeding by stealth. Vast sums of public money have been spent on the project, and there is the potential for billions more to be spent without any guarantee of a Final Investment Decision being made:
- Sizewell C has already received £2.5 billion, and the government now holds at least a 76% share in the project.
- In August 2024 the government created a further subsidy scheme that could allow up to a further £5.5 billion of public money to be given to Sizewell C in advance of any Final Investment Decision .
- Therefore up to £8 billion of public money is being used to progress work on site without any guarantees that private investors will take a stake in the project, or indeed that a Final Investment Decision will be made.
- There is no transparency at all about the overall cost of the project.
- In addition to the drain on taxpayers' funds, there are serious implications for consumers; the intended use of the Regulated Asset Base (RAB) funding model means households will pay a Sizewell tax on their electricity bills throughout construction, for many years before any electricity is generated.
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There is still uncertainty regarding major issues that affect Sizewell C's viability and costs. For example Sizewell C still hasn't secured a guaranteed sustainable potable water supply for its planned 60 years of operation, nor is there a final design of the sea defences needed to keep the site safe for its full 150 year lifetime.
* The Labour government announced soon after the election that an 'Office of Value for Money' would be created within His Majesty's Treasury, to scrutinise areas of public spending. Initial feedback from the Treasury indicated that Sizewell C would definitely be examined, but more recent correspondence with officials has rowed back from such a firm position. It is anticipated that the independent Chair of the Office of Value for Money will be announced shortly.