French utility company EDF has told investors it is still reviewing the costs and schedule of its Hinkley Point C power plant near Burnham-On-Sea following media reports that overruns are likely.

“As indicated in the 2016 annual financial report, a full review of the costs and schedule of the Hinkley Point C project is in progress following the financial investment decision and in accordance with the project company’s rule of governance,” EDF said in a statement on Monday.

The company said the review should be completed “soon”, and it will disclose the information as soon as possible.

French newspaper Le Mond reported over the weekend that Hinkley Point’s budget was set to overrun by up to £2.6bn because construction could be delayed by two years.

This followed a hard-hitting report by the UK’s National Audit Office (NAO) last week which condemned the planned nuclear power station as a “risky and expensive project with uncertain strategic and economic benefits.”

The government’s spending watchdog found that ministers had not sufficiently considered the costs and risks of the £18bn project to consumers, and value-for-money tests showed the economic case was “marginal” and subject to significant uncertainty.

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