nuclear-news

Miliband pours £2.7bn into nuclear power plant after EDF cuts stake

Sizewell C’s funding boost means UK taxpayers have now spent £8bn on the project

Ed Miliband has sunk an extra £2.7bn into Sizewell C after EDF slashed
its stake in the nuclear power project. The Energy Secretary said the
additional money would boost energy security, jobs and the race for net
zero.

However, anti-Sizewell campaigners questioned the wisdom of pouring
billions into a project that the Government has still not taken a final
decision to build.

UK taxpayers have so far spent a total of £8bn on the
nuclear power station. The latest cash is thought to be aimed at building
confidence in the project, potentially attracting other investors as EDF
steps back. The French energy giant recently reduced its stake from 24pc to
16pc amid pressure from Emmanuel Macron, the French president, to cut back
on risky overseas commitments.

EDF was told it should instead focus on
making a success of multibillion-euro projects at home, ensuring they were
profitable and built on time. Sizewell C is a proposed 3.2-gigawatt nuclear
power station planned for the Suffolk coast, potentially generating power
for 6m homes. Its design would be similar to the Hinkley Point C power
station being built by EDF in Somerset, whose start date has been delayed
by a decade to the mid-2030s (sic?) with costs that have doubled to £40bn.

EDF’s decision to trim its involvement has forced the UK Government into
an undignified search for alternative investors. Those approached are said
to include Centrica, the owner of British Gas, Emirates Nuclear Energy,
Amber Infrastructure Group and Schroders Greencoat, with Barclays advising
the Government.

 Telegraph 4th April 2025 https://www.telegraph.co.uk/business/2025/04/04/miliband-pours-27bn-into-nuclear-power-plant-after-edf-cuts/

April 6, 2025 - Posted by Christina Macpherson | business and costs, UK