Government backs Sizewell C with £700m funding announcement

Sizewell C has reached its biggest milestone to date with the announcement that the Government is investing £700m in the project.

The funding will support the project’s continued development so that it can bring in other investors.

The announcement follows approval of the Development Consent Order in July and the introduction of new financing legislation for nuclear projects in March.

Speaking after a visit to the Sizewell C site, the Business Secretary Grant Shapps said the Government’s stake in Sizewell C was the first step on the ladder to long-term energy independence. Mr Shapps said,

“Global gas prices are at record highs, caused by Putin’s illegal march on Ukraine.  We need more clean, affordable power generated within our borders – British energy for British homes.

“Today’s historic deal giving government backing to Sizewell C’s development is crucial to this, moving us towards greater energy independence and away from the risks that a reliance on volatile global energy markets for our supply comes with.

The funding agreement means the Government is a joint shareholder in the project alongside EDF. Simone Rossi, CEO of EDF Energy said:

“This is a big vote of confidence in Sizewell C and we are very excited the government is partnering with us to prepare the project for further investment. Sizewell C will build on the achievements of Hinkley Point C and replicating its design will provide more certainty over schedule and costs.

“It will deliver another big boost to jobs and skills in the nuclear industry and provide huge new opportunities for communities in Suffolk. New nuclear will protect Britain from volatile global gas markets and help keep bills under control for the country’s homes and businesses.”

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Secretary Shapps at the Sizewell C site

Watch the Business Secretary talk about Sizewell C during his visit in this video. Images of the visit can be viewed here.