The proposed Sizewell C nuclear power plant project has been offered a £100m funding package by the government to support the continued development of the facility in Suffolk. The fund, technically not a grant but an option fee, will be used to maintain the project alive and, it is anticipated, to attract much financing from private sector. Sizewell C nuclear power plant project doesn’t have full government approval yet but ministers are dedicated to reaching a final investment plan earliest possible on at least one large-scale nuclear power station. Sizewell C project developer, EDF, and the government have been ongoing with negotiations since last year.
Construction Review 29th Jan 2022 read more »
The government is to provide £100 million of funding to EDF’s 3.2GW Sizewell C nuclear plant in Suffolk. In its announcement of the funding, the government said that nuclear power has a key role to play in strengthening Britain’s energy security and reducing its expose to volatile global gas prices. It comes during an extended period of high power prices which has led to 28 energy suppliers collapsing, with expectations that the energy price cap will be raised in response. In September, during one of the first months of the high prices, the government stressed the need for a “strong, home-grown renewable energy sector” to reduce reliance on global gas prices. The new funding for the Sizewell C nuclear site will be used to continue the development of the project, with an aim of attracting further financing from private investors and, subject to value for money and relevant approvals, the government.
Current 28th Jan 2022 read more »