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UK government to take 50% stake in the French development of Sizewell C nuclear station

Ed note: This is the Tory government plan. But didn’t they pinch the Great British Energy idea from Labour?

Sizewell C project takes major step forward as government unveils plans to establish Great British Energy, a new arms-length public body to oversee UK nuclear power pipeline. The government has approved plans to build the UK’s
first new nuclear power plant in a quarter of a century, today confirming it has agreed to invest £679m to take a 50 per cent stake in the Sizewell C project being developed in Suffolk by French energy giant EDF.

Then”historic” investment will see the UK government become joint shareholder in Sizewell C alongside developer EDF, which will also provide additionalminvestment to match the UK government’s stake, muscling out previousmshareholder China’s CGN in the process.

EDF and the government now plan to work together to attract further third-party investment in the 3.2GW low carbon power project, which once completed would be expected to provide enough power to meet the needs of six million homes for more than 50 years.

In addition, the government today also announced plans to establish Great British Nuclear, a new arms-length public body to help develop a pipeline of new nuclear projects. More details are expected early in the new year, including on the government’s funding commitment to the new body.

Business Green 29th Nov 2022

https://www.businessgreen.com/news/4060883/sizewell-government-confirms-plan-gbp670m-stake-nuclear-power-project

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November 30, 2022 - Posted by | business and costs, politics, UK

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