The UK government has allocated £14.2bn ($19.25bn) for the construction of the Sizewell C nuclear power plant in southeast England. The investment is part of a broader spending review that outlines the country’s priorities over the next four years, Reuters reported.
The announcement did not clarify whether the investment includes the previously committed £6.4bn, nor did it specify a timeline for a final investment decision. Additionally, details regarding the total projected cost and completion date for Sizewell C were not provided.
The move comes as UK seeks to replace its aging nuclear infrastructure, enhance energy security, and contribute to achieving climate targets.
Once operational, Sizewell C is expected to generate sufficient electricity to power approximately 6 million homes. The project will also create 10,000 jobs.
Energy Minister Ed Miliband was quoted by the news agency as saying: “We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis.”
The approval for Sizewell C concludes a 15-year effort to secure investment for the site, initially designated for nuclear development in 2010. This plant will be only the second new nuclear facility built in the UK in over 20 years, following EDF’s Hinkley Point C, which is expected to be operational by 2029.
Originally an EDF project, Sizewell C is now primarily owned by the UK government, which held an 83.8% stake as of December, with EDF holding 16.2%. EDF’s share is anticipated to decrease further following the latest announcement. The government has been seeking additional investors, although no new partners were mentioned in the recent statement. Last December, the project’s developer indicated that five investors were involved in a bidding process.
According to a BBC report, the completion of Sizewell C is expected to take at least a decade.
Historically, nuclear power contributed around 25% of the UK’s electricity in the 1990s, but this has declined to about 15%, with most of the current nuclear fleet set to be decommissioned by 2030.
