£700m funding for Sizewell C nuclear plant announced

The UK government has confirmed funding for Sizewell C nuclear plant, the first state-backing of a nuclear project in over 30 years.

Business and energy secretary Grant Shapps has announced the funding as part of a package to help secure the UK’s energy independence.

The government’s historic £700m stake in Sizewell C is positioned at the heart of the new blueprint to Britain’s energy sovereignty, as plans to develop the new plant are approved today.

This is expected to create 10,000 highly skilled jobs and provide reliable, low-carbon, power to the equivalent of 6 million homes for over 50 years.

Today’s approval comes alongside the government’s continued commitment to develop a pipeline of new nuclear projects, beyond Sizewell C. To support this, the UK is working at pace to set up Great British Nuclear, the vehicle tasked with developing a resilient pipeline of new nuclear builds, with an announcement expected early in the new year.

The Sizewell C Consortium has welcomed the government’s decision to back Sizewell C as it will revitalise the UK’s supply chain and unlock 70,000 highly skilled jobs across the UK.

Spokesperson for the consortium, Cameron Gilmour, commented: “The government’s commitment to Sizewell C is a positive step towards securing the UK’s energy independence, all while furthering the country’s net zero ambitions.

“The nuclear industry has a longstanding history of creating jobs, skills and opportunities across the UK. Not only will the government’s investment support Sizewell C’s development, but it will also pave the way for more British nuclear projects for years to come, supporting highly skilled jobs across the country long into the future.”

The consortium has been campaigning for the Sizewell C project to support British companies and the UK’s energy security for the last two and a half years. It has signed memorandums of understanding across the north of England, Wales and East of England, drumming up over £7bn of investment and tens of thousands of job opportunities for the three regions.

Simone Rossi, CEO of EDF Energy added: “Sizewell C will build on the achievements of Hinkley “Point C and replicating its design will provide more certainty over schedule and costs. It will deliver another big boost to jobs and skills in the nuclear industry and provide huge new opportunities for communities in Suffolk. New nuclear will protect Britain from volatile global gas markets and help keep bills under control for the country’s homes and businesses.

“Greater energy efficiency will strengthen Britain’s energy independence and reduce household bills permanently, and we welcome government’s action. We are ready to step up our installation rates to help more households benefit from lower bills.”

EDF
www.edfenergy.com

Sizewell C Consortium
www.sizewellcconsortium.com