UK gives the green light to huge new nuclear power plant
The Department for Energy Security & Net Zero (DESNZ) said Energy Secretary Ed Miliband had signed the final investment decision for the development.
The government will become the biggest equity shareholder in the project with a 44.9% stake.
New Sizewell C investors include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%.
It comes alongside French energy giant EDF announcing earlier this month it was taking a 12.5% stake – lower than its previously stated 16.2% ownership.
The final deal clinches the investment needed to deliver the long-awaited nuclear plant since it was first earmarked for development in 2010.
It also confirms the cost of Sizewell C's construction, which was forecast to be about £20 billion by developer EDF five years ago.
Advertisement
DESNZ said the cost is about 20% cheaper than the development of the Hinkley Point C nuclear power station in Somerset.
Sizewell C will power the equivalent of six million homes and create some 10,000 jobs once it is operational, which is expected to be in the 2030s.
Miliband said: 'It is time to do big things and build big projects in this country again – and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come.
'This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.'
Chancellor Rachel Reeves said: 'La Caisse, Centrica and Amber's multibillion-pound investment is a powerful endorsement of the UK as the best place to do business and as a global hub for nuclear energy.
'Delivering next generation, publicly owned clean power is vital to our energy security and growth, which is why we backed Sizewell C.'
Chris O'Shea, Centrica's chief executive, said Sizewell C was a 'compelling investment for our shareholders and the country as a whole'.
'This isn't just an investment in a new power station – it's an investment in Britain's energy independence, our net zero journey, and thousands of high-quality jobs across the country,' he added.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Agriland
17 hours ago
- Agriland
Report: European potato market under ‘severe pressure'
The European potato market is under 'severe pressure' this year, according to the Dutch firm, DCA Market Intelligence. The firm has said that the EU potato area is increasing by 77,000ha to a total of 1.47 million hectares, an increase of 5.5%. It claims that the expansion comes while European exports of French fries, and other frozen potato products, are facing significant challenges. DCA has warned that the potential overproduction of processing potatoes could push the current market 'further out of balance'. The Dutch firm said that Germany, France, The Netherlands, and Belgium – the largest potato-growing countries on the European mainland – now cultivate more than 600,000ha of processing potatoes, a 7.5% increase compared to last year. DCA believes the growth is exceptionally large, and stands out as a considerable portion of the additional area is being grown 'without contracts'. It said that farmers, when planning crops last winter, anticipated strong demand and maximised contract options with processors. However, the open market has since collapsed, and processors have scaled back their contract volumes. According to DCA, the harvest could reach over 25 million tonnes, based on average yields. It said that while drought in parts of Europe will likely prevent a record crop, the balance between supply and demand remains under extreme pressure. DCA As a result of the pressure to the potato processing industry, the European fries industry is in a 'difficult position', the DCA stated. There is competition for the sector from other countries, such as India, China, and Egypt, who are capturing market share in Asia and the Middle East through lower costs and improving product quality. According to DCA, Europe is struggling to 'keep up' with the price pressure. In The Netherlands, the contract price for potatoes now accounts for about 40% of the current trade price for French fries. This has led to processors trying to cut costs, while labour and energy prices remain expensive. The DCA found that global demand for French fries continues to rise, but Europe is playing a 'diminishing' role in the growth. A combination of high production costs, mounting competition from low-cost countries, and a surplus of potatoes is putting pressure on the margins of both processors and grower. DCA believes that French fries will remain widely available, but price drops at northwest European supermarkets or fast-food outlets are unlikely. A spokesperson for DCA told Agriland that all data was collected from various official sources such as Eurostat, and the European Commission, and that calculations were made by the firm's analyst.


RTÉ News
21 hours ago
- RTÉ News
UK gives green light to £38 bn Sizewell C nuclear plant
The UK government has today given new British nuclear power plant Sizewell C the final go-ahead after reaching a deal with investors, aiming to bolster net zero and energy security goals. The UK government, the largest shareholder in the project, said Sizewell C, in eastern England, will cost around £38 billion to construct. The project will also be funded by Canadian pension fund La Caisse, British Gas owner Centrica, Amber Infrastructure and French energy giant EDF. "It is time to do big things and build big projects in this country again," Energy Secretary Ed Miliband said in a statement. "Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," he added. The plant, which has been in financial limbo for over a decade, is not expected to start generating electricity until the 2030s. The projected construction cost of £38 billion exceeds previous official estimates of £20 to £30 billion - and campaigners have warned that further cost overruns or delays could impact households. The final investment decision gives the government a 44.9% stake in the project. Among the new investors in Sizewell C, La Caisse holds a 20% stake, Centrica 15% and investment manager Amber Infrastructure an "initial" 7.6%. EDF announced earlier this month that it will take a 12.5% stake in the project - down from 16.2% ownership at the end of 2024. The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations. Prime Minister Keir Starmer's government has also pledged by 2035 to reduce UK greenhouse gas emissions by 81% on 1990 levels, under plans to reach net-zero by 2050. The use of nuclear energy as an alternative to fossil fuels is highly controversial, however, with many environmental groups warning about safety risks and the disposal of nuclear waste. The plans for Sizewell C have been met with anger by some local residents worried about the impact of the new plant on the town of Leiston in Suffolk. Once operational, the project will power around six million homes and create around 10,000 jobs, according to the government. Near to Sizewell C is the Sizewell B nuclear power station which is due to close in 2035 - and Sizewell A which is in the process of being decommissioned. EDF is also building the Hinkley Point C nuclear power plant in southwestern England, although it has been plagued by delays and rising construction costs.

The Journal
a day ago
- The Journal
UK gives the green light to huge new nuclear power plant
THE UK GOVERNMENT has announced the construction of the Sizewell C nuclear power plant in Suffolk will cost around £38 billion, as it struck a deal with a group of investors. The Department for Energy Security & Net Zero (DESNZ) said Energy Secretary Ed Miliband had signed the final investment decision for the development. The government will become the biggest equity shareholder in the project with a 44.9% stake. New Sizewell C investors include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%. It comes alongside French energy giant EDF announcing earlier this month it was taking a 12.5% stake – lower than its previously stated 16.2% ownership. The final deal clinches the investment needed to deliver the long-awaited nuclear plant since it was first earmarked for development in 2010. It also confirms the cost of Sizewell C's construction, which was forecast to be about £20 billion by developer EDF five years ago. Advertisement DESNZ said the cost is about 20% cheaper than the development of the Hinkley Point C nuclear power station in Somerset. Sizewell C will power the equivalent of six million homes and create some 10,000 jobs once it is operational, which is expected to be in the 2030s. Miliband said: 'It is time to do big things and build big projects in this country again – and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come. 'This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.' Chancellor Rachel Reeves said: 'La Caisse, Centrica and Amber's multibillion-pound investment is a powerful endorsement of the UK as the best place to do business and as a global hub for nuclear energy. 'Delivering next generation, publicly owned clean power is vital to our energy security and growth, which is why we backed Sizewell C.' Chris O'Shea, Centrica's chief executive, said Sizewell C was a 'compelling investment for our shareholders and the country as a whole'. 'This isn't just an investment in a new power station – it's an investment in Britain's energy independence, our net zero journey, and thousands of high-quality jobs across the country,' he added.