The government funding for the nuclear power facility is expected to include guaranteed fixed price for each unit of energy generated at the site
The UK government is reportedly planning to provide funding for a new nuclear power plant, as it targets to reduce carbon emissions.
The government will announce plans to offer financing a new nuclear power plant as part of its Net Zero strategy, The Telegraph reported.
Recently, UK Prime Minister Boris Johnson revealed plans to make all the power produced in the country fossil free by 2035.
The Sizewell C site, a nuclear power plant being proposed by EDF Energy, will be the top choice for funding, The Telegraph reported, citing government insiders.
To be located on the Suffolk coast, in the East of England, the Sizewell C is a 3.3GW nuclear power project.
In May last year, EDF submitted a planning application for the Sizewell C plant to the UK government.
The nuclear power plant is expected to produce enough electricity for approximately six million UK households and offset up to nine million tonnes (Mt) of CO2 emissions a year.
A government spokesperson was quoted by Reuters as saying: “We are seeking to approve at least one more large-scale nuclear project in the next few years to strengthen energy security and create thousands of jobs.”
The government funding for the nuclear power facility is expected to include guaranteed fixed price for each unit of energy generated at the site.
In December last year, the Prime Minister had committed to provide support to at least one major nuclear power project by 2025.
A government spokesman was quoted by The Telegraph as saying: “Nuclear power has a key role to play as we work to build a strong, home-grown energy sector to further reduce our reliance on fossil fuels and exposure to volatile global gas prices.
“We are seeking to approve at least one more large-scale nuclear project in the next few years to strengthen energy security and create thousands of jobs.”
The 3.2GW Hinkley Point C is the first new nuclear power station to be built in the UK in more than two decades. Unit 1 at the facility is expected to enter into operations in 2026.