Freshfields advises EDF on Sizewell B nuclear life extension

Global law firm Freshfields is advising EDF on the life extension agreement for Sizewell B nuclear power station in Suffolk. EDF and the UK Government have signed Heads of Terms for a Contract for Difference (CfD) which will extend the operational life of the station from 2035 to 2055, securing safe and clean power generation and approximately 900 jobs for longer. EDF will fund a major refurbishment of the station during planned outages over the next fifteen years, at a cost of around £800 million, with a CfD strike price of £70.50/MWh (2025 prices). The UK Government and EDF are expected to finalise the CfD later this year.

Sizewell B is the UK's only Pressurised Water Reactor and has, since its commissioning in 1995, produced more than 270 terawatt hours (TWh) of low-carbon electricity. The station produces an average of 9TWh of electricity per year and generates baseload power, available 24/7 in all weather conditions. The 20-year life extension has the potential to generate around an additional 180TWh of clean power.

Freshfields has supported EDF on a range of recent groundbreaking transactions including the Sizewell C capital raise (link: Freshfields advises EDF on completion of the Sizewell C nuclear project capital raise | Freshfields)

The Freshfields team advising on this matter is led by partner James Chapman with support from partner Vanessa Jakovich, senior associate Charlotte Aspin and associates Tessie Chang and Emily Strand.