Britain to give EDF’s Sizewell C project £100 million support

• 2 years ago (2022-01-27)
• David Flin

Europe 1089 Nuclear 659

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The British Government has announced it will give £100 million support to EDF to help it build the 3.2 GW Sizewell C nuclear plant in Suffolk and help encourage new investors in the project. The support comes amid record global gas prices which have driven up the cost of electricity across Europe.

Britain aims to reach net zero emissions by 2050, which will require a huge increase in low-carbon power generation. However, new nuclear projects have struggled to secure funding.

Kwasi Kwarteng, Secretary of State of the Department for Business, Energy, and Industrial Strategy (BEIS), 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.”

BEIS said the funding would be reimbursed either in the form of cash or an equity stake if the project reaches a financial investment decision (FID). BEIS added that it would seek to recoup the investment if FID is not reached.