Announced by the UK Government, new investment plans of uS$219m will see preparations accelerate to enable the construction of Sizewell C to start.
A first in more than 30 years for the UK
In hopes to strengthen the UK’s energy security, Sizewell C is a first in more than 30 years for the country, to construct a new Nuclear power station. By investing US$219m into the project, the funds will be used to prepare the site for future construction, procure key components from the project’s supply chain, and expand its workforce.
The project is expected to provide reliable and low carbon power - the equivalent of 6 million homes over 60 years - saving as much as nine million tonnes of CO2 emissions a year.
“Sizewell C represents the bridge between the ongoing construction of Hinkley Point C and our longer-term ambition to provide up to a quarter of the UK’s electricity from homegrown nuclear energy by 2050. Our new nuclear fleet will provide clean, reliable, and abundant energy whilst driving down bills, boosting economic growth and ensuring that the UK is never held to energy ransom by tyrants like Putin,” said Grant Shapps, Energy Security Secretary.
“With government support, our nuclear industry will play a critical role in supplying cleaner, home-grown energy, and boost our energy security by reducing our reliance on fossil fuels from abroad. The steps we’re taking today will speed up the development of one of our biggest projects, Sizewell C, towards final approval, which would enable construction to start as soon as possible, supporting thousands of jobs for communities in Suffolk and across the country,” said Andrew Bowie, Nuclear and Networks Minister.
The Launch of Great British Nuclear (GBN)
The investment news follows the Government’s launch of Great British Nuclear (GBN), a new government body created to oversee the rapid expansion of nuclear power in the UK, deliver the long-term nuclear programme set out by the government, and deliver up to 24GW of nuclear power in the UK by 2050.
With this investment, the GBN hopes to grow the economy, drive down bills, and boost the country’s energy security by supporting large-scale projects such as Sizewell C, as well as emerging nuclear technology. It is hoped that these measures will attract private investment into nuclear alongside the Government’s investment.
“Following the launch of Great British Nuclear, and our plans for a massive revival of nuclear power, I am proud to be demonstrating the government’s commitment to the continued development of Sizewell C,” commented Shapps.
Bowie added: “This new nuclear power station would help deliver the government’s ambition for up to 24GW of the UK’s power to come from nuclear sources by 2050 – 4 times the current level. In November 2022, the government established a £700 million investment scheme, to fund Sizewell C’s continuing development so it can reach the point of a final investment decision. This funding announced today represents a permitted legacy subsidy modification to the investment scheme under the subsidy control rules.”