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Yahoo
10-06-2025
- Business
- Yahoo
How long will it take for Sizewell C power station to make energy bills lower?
Rachel Reeves has signed off on £14.2 billion of investment to build the new Sizewell C nuclear plant, in a bid to give the UK more control over its energy supplies and to tackle the climate crisis. The Chancellor is set to confirm the funding for the new plant in Suffolk at the GMB Congress on Tuesday ahead of the Treasury's spending review on Wednesday. It will mark the first nuclear power plant to be completed in more than half-a-century, with the site expected to produce enough power for six million homes when it opens. Energy secretary Ed Miliband said the UK needs "new nuclear" to deliver "a golden age of clean energy abundance" to bring down energy bills and "tackle the climate crisis". However, campaigners have warned that the final bill for the project will be far higher than expected, with one group describing it as "HS2 mark 2", and fear the plant may be "obsolete" by the time it is built. So, will the Sizewell C nuclear plant lower our energy bills? And if so, how long will it take? Sizewell C will be located near the small fishing village of Sizewell, on the Suffolk coast between Aldeburgh and Southwold. It is being built next to Sizewell B, a pressurised water reactor nuclear power plant, which began operating in 1995 and is the last nuclear plant to be completed in the UK. Some locals fear the environmental impact of Sizewell C. Jenny Kirtley of the Together Against Sizewell C group told ITV News: "You've only got to look around the area and see the devastation that's happened. "There are a huge mountains of earth everywhere and of course the wildlife is suffering. The deer don't know where to go. They're rambling around everywhere. The birds are leaving their nests." Also concerned about the impact on the local economy, Kirtley added: "We've got 6,000 people living around here so where are people going to live? We know rents are going sky-high so it's going to get worse." Click below to see the latest East England headlines The chancellor has signed off on £14.2 billion of investment to build the new Sizewell C nuclear plant. Meanwhile Rolls-Royce has been named as the preferred bidder to build small modular reactors (SMRs) in a programme backed by £2.5 billion of taxpayers' cash. The government said its investment will go towards creating 10,000 jobs, including 1,500 apprenticeships, and support thousands more jobs across the UK. The company Sizewell C has already signed £330 million in contracts with local companies, with 70% of contracts predicted to go to 3,500 British suppliers. Alison Downes of the Stop Sizewell C campaign group, said ministers have not "come clean" about the full cost of the project, which her group previously estimated could come to around £40 billion. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C?," she said. Miliband has denied suggestions that the project will be 'HS2 mark 2' – a reference to the high-speed rail project that ballooned in cost amid repeated delays. 'I don't agree with that," he told BBC Radio 4's Today Programme, arguing that because the plant is a "replica" of the Hinkley Point C station, under construction in Somerset, "we can be confident it can be built cheaper and faster". The plant is expected to be operational some time in the 2030s. Pressed on how long the project will take, Miliband told the Today programme: 'Around a decade. That's what we believe is likely, mid-2030s is the date that we're putting on this.' EDF Energy, which owns 16.5% of the project, said in 2023 that in a "best-case scenario", the "earliest that one of the two reactors could be operational would be the end of 2033". Hereward Phillpot, a lawyer for the company, said the schedule for the project anticipates that both reactors will be operational by mid-2034. In 2022, the previous Conservative government bought out China General Nuclear Power Group, meaning the state now owns 83.5% of the project, Sky News reported. Environmental activist and founder of green energy company Ecotricity, Dale Vince, said nuclear projects are "never on time", pointing out that Hinkley Point C was originally meant to be switched-on in 2017 and is now expected to be operational from 2031. Appearing on ITV's Good Morning Britain on 10 June, Miliband accepted that the completion of the plant will not immediately have an impact on people's energy bills. "It isn't, but it's about the long-term," he said, suggesting more investment in nuclear will give Britain greater control and security over its energy supplies. "My position is that we need all of these low-carbon alternatives. At the moment, we're stuck on the fossil fuel rollercoaster," the energy secretary said. "There's gas markets internationally, which shape the price, controlled by petro-states and dictators. We're doing the short-term things, like solar and wind, and we're doing the long-term things – and it's good for jobs as well." Sizewell C has said the project could deliver more than £1-1.5 billion of annual savings across the electricity system when it is up and running, but it is hard to tell how this will be passed down to ordinary household bills. Vince argued that due to funding coming from people's household bills, "billpayers will be forced to subsidise Sizewell for years, no matter how much the costs balloon". He said keeping the plant safe from an eroding Suffolk coastline "will cost billions more, and every upgrade will land on our energy bills". Read more Voices: Could 'going nuclear' finally end Ed Miliband's career? (The Independent) Rolls-Royce to build Britain's first mini nuclear reactors (The Telegraph) China banned from investing in Sizewell C, energy secretary Ed Miliband vows (The Independent)
Scotsman
10-06-2025
- Business
- Scotsman
Business News: Unemployment rates hits highest rate in four years
From rising unemployment and major nuclear investment, to strong results at FirstGroup and Bellway, and Frasers circling Revolution Beauty – here are today's top UK business stories. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Britain's jobless rate has hit its highest level in nearly four years, now at 4.6 per cent. New figures show wage growth has also slowed more than expected, dropping to 5.2 per cent. That's still ahead of inflation, but below expert predictions. The rise in unemployment reflects rising costs and business pressures across the UK. £14.2bn to fund Sizewell C nuclear plant: More Business in Brief Chancellor Rachel Reeves has signed off £14.2 billion to fund the new Sizewell C nuclear plant. The project, announced at the GMB Congress, is expected to create 10,000 jobs and boost clean energy. Energy Secretary Ed Miliband says it marks a 'golden age' for nuclear power. But critics warn the final cost is still unclear and the project faces delays. Britain's jobless rate has hit its highest level in nearly four years, now at 4.6 per cent. | Getty Images Avanti West Coast owner FirstGroup has posted better-than-expected results, with revenue up seven per cent to £1.37 billion. Profits rose 18 per cent, driven by strong performance in its Bus division and Open Access services. Passenger numbers also rose two per cent year-on-year across its services, including Avanti West Coast. Housebuilder Bellway says trading has been 'robust' this spring, with profits set to rise. Customer demand and affordability have improved as interest rates edge lower. Private reservations and future orders are both up. CEO Jason Honeyman says the firm is on track for strong growth this year and next. In M&A news, IonQ is buying Oxford Ionics in a 1 billion dollar deal to accelerate breakthroughs in quantum computing. The merger combines cutting-edge chip tech with IonQ's quantum systems. Oxford will remain a key hub, with its founders staying on and staff numbers set to grow. The deal supports UK–US cooperation in next-gen tech and is expected to close later this year. In a not too dissimilar story, Oxford Instruments is selling its quantum business, NanoScience, to US firm Quantum Design for £60 million. The deal includes up to £3 million in future earnings and helps Oxford focus on higher-margin areas. The sale is set to complete later this financial year, pending regulatory approval. Frasers Group has confirmed it's taking part in the sale process for Revolution Beauty. Any potential offer is expected to be all cash, though nothing is guaranteed yet. The group was responding to Revolution's update from yesterday. More details will be announced when the time is right.
Scotsman
10-06-2025
- Business
- Scotsman
Business News: Unemployment rates hits highest rate in four years
From rising unemployment and major nuclear investment, to strong results at FirstGroup and Bellway, and Frasers circling Revolution Beauty – here are today's top UK business stories. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Britain's jobless rate has hit its highest level in nearly four years, now at 4.6 per cent. New figures show wage growth has also slowed more than expected, dropping to 5.2 per cent. That's still ahead of inflation, but below expert predictions. The rise in unemployment reflects rising costs and business pressures across the UK. £14.2bn to fund Sizewell C nuclear plant: More Business in Brief Chancellor Rachel Reeves has signed off £14.2 billion to fund the new Sizewell C nuclear plant. The project, announced at the GMB Congress, is expected to create 10,000 jobs and boost clean energy. Energy Secretary Ed Miliband says it marks a 'golden age' for nuclear power. But critics warn the final cost is still unclear and the project faces delays. Britain's jobless rate has hit its highest level in nearly four years, now at 4.6 per cent. | Getty Images Avanti West Coast owner FirstGroup has posted better-than-expected results, with revenue up seven per cent to £1.37 billion. Profits rose 18 per cent, driven by strong performance in its Bus division and Open Access services. Passenger numbers also rose two per cent year-on-year across its services, including Avanti West Coast. Housebuilder Bellway says trading has been 'robust' this spring, with profits set to rise. Customer demand and affordability have improved as interest rates edge lower. Private reservations and future orders are both up. CEO Jason Honeyman says the firm is on track for strong growth this year and next. In M&A news, IonQ is buying Oxford Ionics in a 1 billion dollar deal to accelerate breakthroughs in quantum computing. The merger combines cutting-edge chip tech with IonQ's quantum systems. Oxford will remain a key hub, with its founders staying on and staff numbers set to grow. The deal supports UK–US cooperation in next-gen tech and is expected to close later this year. In a not too dissimilar story, Oxford Instruments is selling its quantum business, NanoScience, to US firm Quantum Design for £60 million. The deal includes up to £3 million in future earnings and helps Oxford focus on higher-margin areas. The sale is set to complete later this financial year, pending regulatory approval.
Daily Record
10-06-2025
- Business
- Daily Record
First British-owned nuclear power plant in 30 years gets government green light
The government has signed off on a £14.2 billion investment. Rachel Reeves has signed off on £14.2 billion of investment to build the new Sizewell C nuclear plant as part of the spending review. The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a "golden age of clean energy abundance". Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens. But that may not be until 2031. The Energy Secretary said: "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. This is the Government's clean energy mission in action - investing in lower bills and good jobs for energy security." It will get the UK off the " fossil fuel rollercoaster", he separately told The Guardian. "We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. In any sensible reckoning, this is essential to get to our clean power and net zero ambitions." The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: "Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years." At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government also confirmed one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Rolls-Royce SMR has been selected as the preferred bidder, with hopes the smaller plants will be quicker to build than traditional nuclear power stations. Great British Energy - Nuclear will aim to allocate a site for SMRs later this year and connect projects to the grid in the mid-2030s The GMB union said giving Sizewell C the go-ahead was "momentous". Regional Secretary Warren Kenny said: "Nuclear power is essential for clean, affordable, and reliable energy - without new nuclear, there can be no net zero. Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector." Mike Clancy, general secretary of Prospect, said: "Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. "Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed." Alison Downes of Stop Sizewell C said ministers had not "come clean" about the full cost of the project. The group have previously estimated it could be some £40 billion. "There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities? "The project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C. Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2."
Glasgow Times
10-06-2025
- Business
- Glasgow Times
Reeves signs off on £14bn to build new nuclear plant Sizewell C
The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Chancellor of the Exchequer Rachel Reeves is set to confirm £14.2 billion of investment in the new Sizewell C nuclear plant(Stefan Rousseau/PA) Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: '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. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government is also due to confirm one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance' (Kin Cheung/PA) Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.'
