nuclear-news

UK taxpayers to spend billions more on Sizewell C nuclear plant.

Ministers have agreed to take a £17.8 billion stake in the Sizewell C
­nuclear power plant in a move that they claim will reduce carbon
emissions and even make money for the taxpayer. Under plans announced by
Rachel Reeves, the chancellor, the government will increase its investment
in the project by ­£14.2 billion over the next three years on top of £3.6
billion of public money committed under the Conservatives.

Further funding will come from the French energy group EDF, which is building the plant, as
well as private infrastructure investors. Whitehall sources said ministers
decided to take a larger stake because they were confident it would provide
a significant return to the taxpayer.

Under the funding model, investors
carry all the risk of cost overruns but are paid back through consumer
bills and can make more money if the project comes in on time and on
budget. The company said it had learnt ­lessons from Hinkley, in Somerset,
and can build Sizewell C, in Suffolk, faster and more cheaply.

However, it is still likely to cost much more than the estimated £20 billion in 2020
and will not produce power for at least another decade. The total cost will
be set out this summer when external private investors are announced.
Ultimately, the project will be paid for via consumers’ electricity bills,
adding about £1 a month to the cost of power over the 60-year lifespan of
the plant.

The announcement is among investments in nuclear at the spending
review as part of the government’s pledge to decarbonise electricity
supplies and cope with growing demand.

Alison Downes, of Stop Sizewell C, the campaign group, said ministers had not “come clean” about the full cost of the project, which the group previously estimated could be as much
as ­£40 billion. “Where is the benefit for voters in ploughing more
money into Sizewell C that could be spent on other priorities, and when the
project will add to consumer bills and is guaranteed to be late and
overspent, like Hinkley C?

Times 10th June 2025,
https://www.thetimes.com/uk/politics/article/sizewell-c-nuclear-power-plant-3z7jlqdd6

June 13, 2025 - Posted by Christina Macpherson | politics, UK