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UK government’s new financing plan for %20 tax-payer funded Sizewell C nuclear project will increase costs and delays, – is aimed to cut China out.

The government has bought an option to take a 20% stake in the Sizewell C nuclear power plant in a move that could ease China’s state nuclear company out of the project. Ministers took a £100m option to invest in Sizewell C’s holding company in January and said on Tuesday it would convert that into equity if the project reaches a final investment decision.

The venture on the Suffolk coast is jointly owned by EDF and China General Nuclear Power. The government is understood to be keen toremove CGN from the project amid concerns over China’s involvement in critical UK infrastructure. The business secretary, Kwasi Kwarteng, set out the taxpayer-funded financing model for Sizewell C and future projects on Tuesday.

The strategy the government plans to use – a regulated asset
base model – involves taxpayers taking on risk alongside private investors. The government is
attempting to inject urgency into a notoriously slow-moving industry amid a
drive to boost Britain’s domestic energy supplies.

In April Boris Johnson set out plans to approve up to eight reactors by the end of the decade. A
decision on whether to grant Sizewell C planning consent was last month delayed until 8 July. Research by the University of Greenwich Business School seen by the Guardian last month showed the project could cost UK taxpayers more than double government estimates and take five years longer to build.

 Guardian 14th June 2022

https://www.theguardian.com/environment/2022/jun/14/uk-buys-option-to-take-20-stake-in-sizewell-c-nuclear-power-plant

June 16, 2022 - Posted by | politics, UK

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