The government has announced the construction of the Sizewell C nuclear power plant in Suffolk will cost around £38 billion, as it struck a deal with a group of investors.
The Energy Secretary has signed the final investment decision for Sizewell C, which the government says will deliver clean power for the equivalent of six million homes and support 10,000 jobs once operational.
The deal to give Sizewell C the go-ahead marks a major step in the government’s clean energy mission.
The plant will deliver cheaper clean electricity for generations of families for at least six decades, the government says.
Analysis suggests the project could create savings of £2 billion a year across the future low-carbon electricity system once operational – leading to cheaper power for consumers.
At peak construction, Sizewell C will support 10,000 jobs directly employed in the project, and thousands more in the nationwide supply chain, as well as creating 1,500 apprenticeships, the government says.
Seventy per cent of the value of construction is set to be awarded to British businesses – Sizewell C Ltd anticipates it will have 3,500 UK companies in its supply chain across the entire country.
The government will become the biggest equity shareholder in the project with a 44.9% stake.
New Sizewell C investors include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%.
It comes alongside French energy giant EDF announcing earlier this month it was taking a 12.5% stake – lower than its previously stated 16.2% ownership.
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.”
