nuclear-news

UK government’s new scheme to subsidise Sizewell nuclear project with support up to £5.5 billion !

On 30 August 2024, the Department for Energy Security and Net Zero (DESNZ)
published details of a new subsidy scheme – the Sizewell C Devex Scheme –
to enable continued support to the development of the proposed new nuclear
power plant Sizewell C (SZC) to the point of a Final Investment Decision
(FID) and thereby ultimately reach operation.

This follows the Competition
and Markets Authority’s consideration of DESNZ’s assessment of the Devex
Scheme’s compliance with the requirements under the Subsidy Control Act
2022 earlier this year. More specifically, this Devex Scheme will provide
the government with greater flexibility to cover development expenditure
costs up to and including FID, subject to appropriate Value for Money (VfM)
assessments and approvals at the relevant time.

The total value of support
allowed by the scheme is £5.5 billion. Further details of the Devex Scheme,
and of investments made under the scheme, will be reported on the relevant
page of the subsidies database.

DESNZ 30th Aug 2024

https://www.gov.uk/government/publications/sizewell-c-development-expenditure-subsidy-scheme/sizewell-c-development-expenditure-devex-subsidy-scheme

August 31, 2024 - Posted by Christina Macpherson | politics, UK