The UK government has officially approved the Sizewell C nuclear power plant in eastern England. The final go-ahead came after the UK Energy Secretary Ed Miliband signed the final investment decision for Sizewell C.
The construction cost is estimated at £38bn, a significant increase from the previously reported £20bn.
The project, located in Suffolk, is expected to supply clean power to six million homes and support 10,000 jobs during peak construction.
The government will become the largest shareholder in the venture, holding a 44.9% stake, alongside private investors such as EDF (12.5%), Centrica (15%), La Caisse (20%), and Amber Infrastructure (7.6%).
The Sizewell C project is expected to deliver £2bn in annual savings to the electricity system once operational. The initiative aims to reduce the UK’s dependence on fossil fuels and provide affordable, sustainable power for future generations.
Energy Secretary Ed Miliband said: “This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.”
Construction of Sizewell C is anticipated to involve 3,500 UK companies in its supply chain and create 1,500 apprenticeships. The project is set to award 70% of its construction value to British businesses, enhancing the local economy.
The National Wealth Fund is participating in the financing, marking its first investment in nuclear energy, and will provide the majority of debt finance alongside Bpifrance Assurance Export.
Sizewell C’s development signals a revival of nuclear power in the UK, which has not seen a new plant since 1995. The government’s nuclear programme is the most ambitious in decades, with additional plans for small modular reactors and a recent selection of Rolls-Royce SMR as the preferred bidder for these reactors. Moreover, Urenco has secured a 15-year contract with EDF to produce fuel for nuclear power stations, further supporting the UK’s economic growth and job market.
