Government to take 20% stake in Sizewell C in £20bn next-generation scheme

The government has announced plans to take a 20% stake in the Sizewell C Nuclear power station. The announement comes in a move which is expected to bolster the country's energy security.

EDF energy is to take a same-sized share in the delayed Sizewell C project. Ministers hope confirmation of two key backers in the scheme will encourage other investors to come forward.

Reliable

According to the EDF website, Sizewell C will provide reliable low-carbon electricity which doesn’t rely on the weather.



The EPR reactor design has been approved by the UK’s nuclear regulator, the Office for Nuclear Regulation (ONR).

Once built, Sizewell C will generate low-carbon electricity for at least 60 years. It will employ 900 people, in addition to the thousands of jobs needed for maintenance outages.

Biodiversity

In addition, it is expected that Sizewell C will boost local biodiversity, including designating 250 hectares of land for wildlife. It is also planned to increase biodiversity around the power station by 19%.

Once Sizewell C is constructed, the nuclear licensed site will amount to 69 hectares. This equates to less than 0.2% of the total area of the Suffolk Coast and Heaths AONB.

By lowering carbon emissions, EDF states nuclear energy will help to protect the natural environment.

The move to take a 20% stake comes as the British energy security strategy due to be released by Boris Johnson has been delayed.

Investment

The prime minister has argued that investing in renewable energy will help end the reliance on fossil fuels. It is expected to establish a standalone energy policy as the country seeks to move away from Russian oil supplies.

Legislation is currently going through Parliament aimed at putting the financing of next-generation nuclear plants on a firmer footing.

The Nuclear Energy (Financing) Bill would allow pension funds to provide cash for power stations through a regulated asset base funding model.

Support

Education Secretary Nadhim Zahawi said any new developments had to be supported by local communities.

He told Sky News: ”We've seen great examples of other people where if they build a nuclear power station, within a certain radius of that power station they get free power.

"So it's right to look at innovation to make sure we wean ourselves off hydrocarbons, we have to do that, we have to do that well, part of that is making sure we look after the will of the local people.”

Sizewell C will generate enough low-carbon electricity to supply six million homes.

By replacing fossil-fuel power, it will avoid around nine million tonnes of carbon emissions each year compared to gas.

The project will support 70,000 jobs across the UK and rely on over 3,000 UK-based suppliers.

It will create thousands of local jobs and contribute around £4 billion to the regional economy.

A government spokesperson said;

“A government spokesperson said: “As the prime minister has said, nuclear will be a key part of our upcoming energy security strategy, alongside renewables.

“We are committed to scaling up our nuclear electricity generation capacity and building more nuclear power here in the UK, and Sizewell C is an important part of our new nuclear programme.”