UK Government to take 20 per cent stake in Sizewell C nuclear power plant

• 2 years ago (2022-03-28)
• David Flin

Europe 1068 Nuclear 643

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The UK government plans to take a 20 per cent stake in the £20 billion Sizewell C nuclear power plant in Suffolk, describing it as a move to bolster the country’s energy security against a backdrop of global instability and a cost-of-living crisis. EDF will also take a 20 per cent share in the project.

The government hopes that the confirmation of two key backers in the scheme will encourage other investors to come forward. It is due to publish shortly details of a strategy for British energy security.

Boris Johnston, the UK Prime Minister, has said that investing in domestic nuclear and renewable power will be central to ending the reliance of fossil fuels, increasing energy security and decreasing greenhouse gas emissions.

The Nuclear Energy (Financing) Bill is currently going through Parliament and will allow investment through a regulated asset base funding model.