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UK government could take a direct stake in risky Sizewell C nuclear development

 The government plans to resuscitate the UK’s nuclear energy ambitions by
creating a financing model that could pile part of the upfront cost of the
£20bn Sizewell C power plant on to householders’ energy bills before it
starts generating electricity.

The energy secretary, Kwasi Kwarteng, set
out legislation on Tuesday that would share the early construction costs
with consumers, with the aim of reducing the UK’s reliance on overseas
funding for nuclear projects by making them more attractive to domestic
investors.

The long-awaited legislation could also pave the way for the
government to take a direct stake in the Sizewell C nuclear plant by using
tens of millions of pounds of public money during its risky development
phase – replacing the China General Nuclear Power Group (CGN), which has
a 20% share of the project.

 Guardian 26th Oct 2021

https://www.theguardian.com/business/2021/oct/26/plan-for-new-uk-nuclear-financing-model-moves-upfront-cost-to-energy-bills

October 29, 2021 Posted by | politics, UK | Leave a comment