30.11.2022 | Energy

Government backs Sizewell C with £700m funding announcement

The funding agreement means the Government is a joint shareholder in the project alongside EDF. 

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

After a visit to the Sizewell C site, Business Secretary Grant Shapps said the Government’s stake in Sizewell C was the first step 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.”

Image: Grant Shapps and Simone Rossi on-site at Sizewell C.