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UK and France to take joint control of Sizewell C nuclear plant

Negotiations mark new rapprochement between Truss and Macron in the wake of Prague meeting , Andy Bounds in Prague, Nathalie Thomas in Edinburgh, Leila Abboud and Sarah White in Paris, and Sebastian Payne in London, 7 Oct 22,

Britain and France are negotiating to take joint control of a new nuclear power station project in the UK, with an agreement expected within the next two weeks. The deal over the ownership of the Sizewell C plant in Suffolk, east England, is among the first fruits of a rapprochement between the two countries after years of discord in the wake of Brexit………………………

The UK and French state-controlled energy group EDF are each expected to take a 50 per cent share in the company developing Sizewell C as part of a move that is also designed to remove Chinese nuclear group CGN from the deal, according to people briefed on the plan.

The UK and French governments would both shoulder development costs, which run into the hundreds of millions of pounds, under the terms of the agreement, but would then be free to sell their stakes to new investors.

The UK is hoping to persuade external investors such as infrastructure and pension funds to provide the additional equity and debt to fund the construction of the plant — which EDF estimated will cost £20bn in 2015 prices — to improve energy security following Russia’s invasion of Ukraine. A final investment decision on Sizewell is due in late 2023, after which point EDF would own no more than 20 per cent of the project if construction plans go ahead, the people added. more


October 7, 2022 - Posted by | Uncategorized

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