Oct 27, 2021
UK government to invest £1.7bn in Sizewell C nuclear power station
UK taxpayers will face a bill of up to £1.7bn to help get the planned Sizewell C nuclear power station project to a final investment decision in the next three years, as the government looks to reboot its struggling efforts to replace the nation's ageing reactors. EDF also leads the Sizewell C project, which would be built on the Suffolk coast, next to the existing nuclear power plant. The government hopes that its financial involvement in Sizewell C will help encourage outside investors to provide additional funding as it looks to oust China's CGN from the project, as part of a wider push against Chinese involvement in key UK infrastructure. Ministers hope to attract investors from the UK, US and elsewhere to help finance the nuclear revival before existing reactors retire by 2035, but analysts have questioned how keen pension funds and others will be to invest in nuclear given the history of cost overruns in the sector. A spokesperson for the Sizewell C project declined to comment on the £1.7bn funding, but said that if the project went ahead "70 per cent of the construction value" would go to British companies and that the project "Could be majority owned by British investors".
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