The UK government has finalized an agreement worth over £38 billion with private investors to support the country’s largest nuclear initiative in decades at the Sizewell C site in Suffolk.
The deal, long in the making, includes funding from the UK government, the French energy company EDF—which is leading the project—and three other investors, among them Centrica, the parent firm of British Gas.
At the end of last year, the UK government held an 84% stake in the project, while EDF controlled 16%. Under the finalized terms, the government will remain the majority shareholder with 44.9%, while EDF’s share decreases to 12.5%.
Centrica will own 15%, the Canadian investment group La Caisse will hold 20%, and the investment manager Amber Infrastructure will initially take 7.6%.
The agreement concludes a 15-year effort to secure funding for the nuclear facility, first identified for development in 2010.
Once completed, Sizewell C is expected to be the country’s second major nuclear site in decades, supplying low-carbon energy to approximately 6 million homes. This follows the construction of EDF’s Hinkley Point C plant in Somerset.
Chancellor Rachel Reeves stated that the investment demonstrated confidence in the UK as a center for nuclear energy. She added that developing new, publicly supported clean energy was essential for energy security and economic growth, while also creating jobs and benefiting the local economy.
Energy Secretary Ed Miliband recently described the project as a key step in advancing the country’s nuclear sector, essential for reducing reliance on fossil fuels and meeting climate goals.
However, the financing plan has drawn criticism from opponents of nuclear energy, as it includes provisions for EDF to receive funds from consumer energy bills starting from construction. Critics argue this could leave households responsible for potential delays or budget overruns.
This differs from the Hinkley Point C funding model, under which EDF will only generate revenue once the plant begins operating in the early 2030s.
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