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The British government has announced a £14.2 billion investment in the construction of the Sizewell C nuclear power plant in Suffolk, marking a significant commitment to boosting the country’s long-term energy security and achieving its climate goals.
The funding is unveiled as part of the government’s broader spending review for the next four years, will support the development of only the second new nuclear power station built in Britain in over two decades.
Energy Secretary Ed Miliband said the investment is a crucial step towards delivering a more self-reliant and environmentally sustainable energy system.
“We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis,” Miliband stated.
Sizewell C is expected to generate electricity for approximately six million homes and create around 10,000 jobs at the peak of construction. However, the government has not provided a final figure for the total cost of the project, nor a timeline for its completion.
The plant will employ a regulated asset base (RAB) funding model, which allows companies to receive payments during the construction phase, reducing development risks and attracting more affordable financing. While supporters argue that the model can help get critical infrastructure built faster and cheaper, critics warn it could expose taxpayers to spiralling costs and place further pressure on already strained household energy bills.
The project was originally led by French state-owned energy company EDF, which also heads the delayed Hinkley Point C project in Somerset. EDF’s UK CEO, Simone Rossi, welcomed the government’s continued backing of nuclear development:
“It is also a vote of confidence in Hinkley Point C, which has re-started the UK nuclear industry and built the experience and skills that will benefit Sizewell C,” Rossi said.
Despite EDF’s involvement, Sizewell C is now majority-owned by the UK government. According to EDF’s financial results published in February, the government held an 83.8% stake in the project as of the end of December, with EDF holding 16.2%. The French firm’s share is expected to decrease following Tuesday’s announcement, though no new investors were named in the update.
The developer previously said in December that five investors were participating in a bidding process, but no further details have been disclosed.
Hinkley Point C, Sizewell C’s sister project, has faced multiple delays and budget increases. It is now expected to begin operation in 2029 at a cost of £31–34 billion, based on 2015 prices.
As Britain races to phase out ageing nuclear plants and fossil fuel dependence, Sizewell C stands at the centre of a contentious yet potentially transformative push towards a cleaner and more secure energy future.
Boluwatife Enome
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