EDF Energy to invest further £1.3bn in UK nuclear fleet

(Sharecast News) - EDF Energy is to invest a further £1.3bn in five of the UK's nuclear power stations, the French group confirmed on Tuesday, as it looks to maintain output. The firm said it would invest the money in Sizewell B, Torness, Heysham 2, Heysham 1 and Hartlepool over the next two years, bringing the total invested in its UK fleet since 2009 to £9bn.

UK nuclear output fell 15% in 2023, to 37.3 terawatt hour (TWh), which EDF attributed to station closures and statutory outages.

However, it expects to maintain output at around the same level until at least 2026, largely due to planned life extensions for Heysham 1 and Hartlepool. That is a 40% increased on last year's output forecast.

EDF also reiterated its plans for Sizewell B in Suffolk, which has been operational since 1994.

It said: "Sizewell B...has the potential to generate at least another 20 years beyond its current end of generation date of 2025. EDF is investing in the station to allow a final investment decision to be taken on this during 2025.

"Securing a sustainable commercial model is necessary to enable such a decision."

Mark Hartley, managing director of EDF's nuclear operations business, said: "EDF has built a strong track record of safely operating the UK's existing nuclear fleet, delivered over 35% more clean power than initially forecast.

"Our aim is to maintain output from the four AGR [advanced gas-cooled reactors] stations for as long as position, and extend Sizewell B."

EDF manages all eight of the UK's nuclear power stations. Three - Hunterston B, Hinkley Point and Dungeness B - are defueling, the first stage of decommissioning.

Most European nuclear plants are now coming to the end of their lifetimes. However, as building new plants is both hugely expensive and time consuming, operators are looking to prolong aging reactors where possible, supported by governments keen to secure energy supplies and cut emissions.

EDF said it would make a decision on whether to extend the lives of Torness, Heysham 2, Heysham 1 and Hartlepool by the end of the year. Any extension would require regulatory approval.

Currently, Heysham 1 and Hartlepool's are due to remain operational until March 2026, and Torness and Heysham 2 until 2028.

EDF is building a new plant in the south west, Hinkley Point C, but it is not due to come online until 2027. Plans for another plant, Sizewell C, have faced considerable local opposition and it not expected to be operational until the 2030s.