Sizewell C nuclear power station to get green light in July
Sizewell C well get the green light at the Franco-British summit in July as talks between ministers and the private sector continue.
The UK government is expected to reaffirm its intention to invest in the nuclear power station at the spending review on June 11, with details about how much taxpayer support the project will need, according to the Financial Times.
But final confirmation will not come until a joint announcement from Prime Minister Sir Keir Starmer and French President Emmanuel Macron at the Anglo-French summit, which takes place in London between July 8 and July 10.
Treasury minister Darren Jones had previously told the newspaper that the final investment decision by shareholders would be at next week’s spending review.
EDF, the French state-owned energy firm and the UK government were first to back the project. They have been courting investors to raise the billions necessary to kick-off construction on the Suffolk coast.
Several private investors are understood to have been given a deadline of late June for final bids.
Those expected to make a swoop include insurer Rothesay, the Canadian pension fund CDPQ, Amber Infrastructure Partners, Brookfield Asset Management, pension fund USS, Schroders Greencoat and Equitix, the FT reported, citing people close to the talks.
Centrica wades in
Centrica boss Chris O’Shea said in February he was hoping to strike an investment deal with the project “if the returns are right.”
But the British Gas owner’s chief executive has cautioned it “all depends on the overall cost of the project and returns. I’m not going to commit Centrica money for something that won’t give us the returns we need.”
The total cost of Sizewell C has doubled since the plans were presented to ministers in 2020, and has now reached nearly £40bn, it has been reported.
Sizewell C denies such an increase but has not yet provided its own estimate for cost increases.
Upon completion, the nuclear facility is expected to power around 6m homes in the UK, generating 3.2GW of electricity.
The government, EDF and Sizewell C have been approached for comment.