UK govt greenlights £38 billion Sizewell C nuclear plant
UK government
on Tuesday gave 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 government, the largest shareholder in the project, said Sizewell C, in eastern England, will cost around £38 billion ($51 billion) to construct.
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The project will also be funded by Canadian pension fund
La Caisse
, British Gas owner
Centrica
,
Amber Infrastructure
and French energy giant EDF.
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"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.
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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 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.
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