Sizewell C one step closer to construction after Government greenlights development
The Government has granted development consent for a proposed nuclear plant off the coast of Suffolk.
Sizewell C was approved Kwasi Kwarteng, the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
The 3.2GW power plant is scheduled to be the UK’s next nuclear project after Hinkley Point C in Somerset – which is due for completion in 2027.
Both sites are being overseen by French energy giant EDF, with Sizewell C being identical in design to Hinkley Point C.
The delayed project is estimated to cost at least £20bn, and discussions are continuing with the government regarding funding – with a ‘Financial Investment Decision’ expected in 2023.
Nuclear projects are set to be funded by the regulatory asset base model, with taxpayers taking on the initial costs of construction, to incentivise private backing once the project is underway.
This model has already been used to begin construction on the Thames Tideway Tunnel.
It is hoped that Sizewell C will generate enough low-carbon electricity to supply six million homes, and that the multi-billion pound investment in nuclear power will help insulate the UK from volatile energy prices.
In March, the Government revealed plans to take a 20 per cent stake in Sizewell C, with EDF also holding a 20 per cent stake.
The remaining 60 per cent would be held by private investors – with current investors, China General Nuclear Power, expected to eased out of their current 20 per cent stake in the project.
Tom Greatrex, chief executive of the Nuclear Industry Association, has welcomed today’s developments.
He said: “This is a huge step forward for Britain’s energy security and net zero ambitions. Sizewell C will provide reliable low-carbon power for more than 80 years, cutting gas use, creating thousands of high-quality, skilled jobs, and long-term investment and opportunity up and down the country.”
One of the leading groups opposed to the project, Stop Sizewell C, slammed the decision and revealed their determination to fight the verdict.
A spokesperson said: “The wrong decision has been made but it’s not the end of our campaign to Stop Sizewell C. Not only will we be looking closely at appealing this decision, we’ll continue to challenge every aspect of Sizewell C, because – whether it is the impact on consumers, the massive costs and delays, the outstanding technical questions or the environmental impacts – it remains a bad project and a very bad risk.“
The Government has committed to boosting nuclear power from 7GW to 24GW by 2050, with departing Prime Minister Boris Johnson calling for a “big new bet” on nuclear.
This includes greenlighting eight new reactors by the end of the decade.