Plans to build the new nuclear plant, on the Suffolk Coast took a significant step forward today with the awarding of £100million in new financial support. Business and Energy secretary Kwasi Kwarteng announced the government funding for the continued development of the planned Sizewell C twin Reactor.
- Business and Energy Secretary announces £100 million to support the continued development of the Sizewell C project in Suffolk
- Sizewell C would produce 3.2 GW of electricity powering the equivalent of around 6 million homes, and providing increased longer-term energy resilience
- nuclear power has a key role to play as we work to strengthen Britain’s energy security and reduce our exposure to volatile global gas prices
The funding commitment from Business and Energy Secretary Kwasi Kwarteng will be used to continue the development of the project which will aim to attract further financing from private investors and, subject to value for money and relevant approvals, the UK government.
Ministers have made a commitment to reaching a Final Investment Decision on at least one large-scale nuclear power station this parliament. This would provide continuous, low carbon electricity at scale, strengthen Britain’s energy security and reduce our exposure to volatile global gas prices, provided there is clear value for money for consumers and taxpayers.
Negotiations between the government and Sizewell C project developer, EDF, have been ongoing since last year. If built, Sizewell C would power the equivalent of around 6 million homes, as well as supporting up to 10,000 jobs in Suffolk and across the UK.
Business and Energy Secretary, Kwasi Kwarteng, said:
In light of high global gas prices, we need to ensure Britain’s future energy supply is bolstered by reliable, affordable, low carbon power that is generated in this country.
New nuclear is not only an important part of our plans to ensure greater energy independence, but to create high-quality jobs and drive economic growth.
The funding announced today will further support the development of Sizewell C during this important phase of negotiations as we seek to maximise investor confidence in this nationally significant project.
Source: From Department for Business, Energy & Industrial Strategy and The Rt Hon Kwasi Kwarteng MP