Today the UK Government has confirmed they will take an initial 44.9% stake to be the biggest shareholder in the project
Sizewell C will now proceed to create a nuclear power plant that can power six million homes, and create 10,000 jobs at peak of construction.
Once completed, the nuclear power station is expected to save around £2bn per year in power.
Boosting the clean energy sector
On top of the jobs created during construction, a further 1,500 apprenticeships are expected to be created, and contracts will be made with 3,500 companies across the UK to establish the supply chain.
The National Wealth Fund is also making its first nuclear investment into Sizewell C, financing the majority of the debt.
Lessons will also be taken from the construction of Hinkley Point C, saving roughly 20% of the cost to build an identical station at Sizewell C.
Energy secretary, Ed Miliband, said: “It is time to do big things and build big projects in this country again- and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come.
“This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.”
The station’s development has been stuck for 14 years, with a lack of funds since 2009 meaning that Sizewell C could never get off the ground.
On top of this, most current nuclear stations are likely to be phased out in the early 2030’s, and Hinkley Point C is the first new nuclear power station to be opened since 1995.
However, the current government’s nuclear programme is larger in scale, meaning that when completed, Sizewell and Hinkley Point combined will deliver more nuclear power than the rest in the last half a century, combined.
“Vital to our energy security and growth”
£330m in contracts with local companies have already been signed for Sizewell C. An emphasis is being placed on UK-based companies, with an expected 70% of contracts to go to British suppliers.
Chancellor of the exchequer, Rachel Reeves, said: “La Caisse, Centrica and Amber’s multi-billion pound investment is a powerful endorsement of the UK as the best place to do business and as a global hub for nuclear energy.
“Delivering next generation, publicly-owned clean power is vital to our energy security and growth, which is why we backed Sizewell C. This investment will create thousands of good quality jobs and boost the local economy as we deliver on our Plan for Change.”
Julia Pyke and Nigel Cann, joint managing directors of Sizewell C, said: “We’re delighted to welcome new investors alongside government and EDF who, like our suppliers, have strong incentives to keep costs under control and ensure we deliver Sizewell C successfully for consumers and taxpayers.
“By investing in Sizewell C, they are laying the foundations for a more secure, cleaner and more affordable energy system. Because 70% of our construction spend will be in the UK, with a £4.4bn commitment to the east of England, they will also help to create thousands of great jobs and new opportunities for people and businesses up and down the country.
“We are determined to deliver this major infrastructure differently, and to make sure this is a project Britain can be proud of.”
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