Plans for a new nuclear power plant at Sizewell in Suffolk took another step forward yesterday, after the government announced it was releasing a further £341m in support of efforts to ensure the Sizewell C site is 'shovel-ready'.
The Department for Energy Security and Net Zero said the previously allocated funding had been made available to "help prepare the site for construction, procure key components from the project's supply chain, and expand its workforce".
The funding builds on the government's existing £870m stake in the project and its decision last year to apply a Regulated Asset Base (RAB) finance model to the project, which Ministers hope will make it more attractive to private investors.
"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," said Minister for Nuclear and Networks, Andrew Bowie. "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."
Julia Pyke, joint managing director at the Sizewell C Company, welcomed the latest funding award. "This is great news and puts us in an even stronger position to start full construction," she said. "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."
Her comments were echoed by Tom Greatrex, chief executive of the Nuclear Industry Association, who said: "Sizewell C is one of the UK's most important green infrastructure projects ever, critical to providing firm, clean power to cut gas, and to strengthening our energy security. The station will generate enough clean power for six million homes from a quarter of square mile of land and create thousands of skilled jobs right across the country. It should mark the start of a new era for nuclear energy in the UK as we re-establish ourselves as a major force."
The government has repeatedly said it wants to see a final investment decision on the project in this Parliament, as it looks to deliver a second major new nuclear project beyond the Hinkley Point project which is currently under construction.
However, yesterday's announcement provided no further update on the effort to line up private investors behind the project.
Critics have argued the RAB financing model represents poor value for taxpayers and have repeatedly warned that new nuclear projects are hugely expensive and have poor delivery record.
But the government has repeatedly argued new nuclear capacity is urgently needed to replace the fleet of reactors that is scheduled to retire over the next decade and help ensure the UK meets its climate and energy security goals.
Sizewell C is expected to provide low-carbon power to the equivalent of six million homes over 60 years, saving the UK nine million tonnes of carbon emissions each year, according to government figures.
The latest funding also follows the launch earlier this summer of Great British Nuclear, the new government-backed agency tasked with accelerating the development of nuclear projects, including cutting-edge small modular reactors.
