Government set to take 20% stake in new nuclear power plant at Sizewell in Suffolk
The Government is set to take a 20 per cent stake in a new nuclear power plant at Sizewell in Suffolk.
Sizewell C will be built next to Sizewell B and generate enough nuclear power to supply six million homes.
It is expected to cost around £20billion to build, though this could increase as inflation soars.
Planning ahead: Sizewell C will be built next to Sizewell B and generate enough nuclear power to supply six million homes
Nuclear power is a key pillar of the Government’s pledge to reach net zero carbon emissions by 2050.
Chancellor Rishi Sunak set aside £1.7billion in last October’s budget to fund a new plant. That money will be used as part of the investment in Sizewell C, which will be operational in the late 2030s.
The Government’s partial ownership could encourage big investors such as pension funds to back the project.
French energy giant EDF will also take a 20 per cent stake in the plant, the BBC reported.