Further £341m released to make  Sizewell C ‘shovel ready’

The government has released another £341m to prepare the Sizewell C nuclear power station project for construction.

The £341 million investment in Sizewell C builds on the government’s existing £870 million stake.

The extra money from allocated funds will help prepare the site for construction. In addition, it will procure key components from the project’s supply chain and expand its workforce.

According to the Government website, the funding would be confirmed according to the project’s agreed spending plans and development schedule. This would happen as Sizewell C progresses in line with the government’s objective to reach a Final Investment Decision.

Funding

The funding is made available from the Department for Energy Security and Net Zero’s Capital Budgets.

In November 2022, the government established a £679 million investment scheme, to fund Sizewell C’s continuing development. 

£170 million of extra funding was announced in July. This was a modification to the investment scheme under the UK’s subsidy control rules.

The £341 million that has been made available for investment in Sizewell C is a modification to the same scheme.

Activity

Activity will increase at the site supporting continued preparation works including constructing onsite training facilities for 1500 apprenticeships. This is as well as further development of the plant’s engineering design and direct investments in the local community.

Sizewell C will provide reliable, low-carbon power to the equivalent of 6 million homes over 60 years. Therefore saving the UK as many as 9 million tonnes of CO2  emissions each year.

At the peak of construction work, it is expected to support 10,000 jobs nationwide. 70% of the value of construction contracts in the supply chain will go to UK businesses.

Making this funding available is the latest measure to support the government’s plans to rapidly expand nuclear energy. It aims to power up to a quarter of UK electricity demands by 2050.

Minister for Nuclear and Networks Andrew Bowie said:

“Sizewell C will be a significant part of the revival of nuclear energy in this country – providing clean, home-grown power to millions of homes, providing thousands of jobs and ending reliance on foreign electricity to bolster our energy security.

"Today’s funding announcement is a clear demonstration of the government’s commitment to this vital project, and will mean the site will be shovel-ready, and work able to start, much more quickly."

Reactors

Sizewell C would comprise 2 reactors, generating a total of 3.2GW of electricity, equivalent to 7% of the UK’s electricity needs.

Sizewell C Company Joint Managing Director, Julia Pyke, said:

“This is great news and puts us in an even stronger position to start full construction. It will also allow us to implement several community schemes over the next few months.

"We want people living near Sizewell C to see the benefits of the project as soon as possible and we’re looking forward to getting started on a range of proposals which will bring real improvements to the area well before the main construction gets underway.”

The news follows the launch of a new arms-length body Great British Nuclear (GBN). It is responsible for helping to deliver new nuclear, grow the economy, drive down bills and boost the country’s energy security. 

The initial focus of GBN will be on Small Modular Reactors. However, further large gigawatt-scale projects will also be considered to help deliver the Government’s net zero ambitions.

Minister for Nuclear and Networks Andrew Bowie said:

“Sizewell C will be a significant part of the revival of nuclear energy in this country – providing clean, home-grown power to millions of homes, providing thousands of jobs and ending reliance on foreign electricity to bolster our energy security.

"Today’s funding announcement is a clear demonstration of the government’s commitment to this vital project, and will mean the site will be shovel-ready, and work able to start, much more quickly.”