The British government has made available a further £341m (€396m) of previously allocated funding to make the site at Sizewell C in Suffolk (United Kingdom) shovel-ready. The funding, which is made available from the Department for Energy Security and Net Zero’s Capital Budgets, as agreed at the 2022 Autumn Statement, would build on the government’s existing £870m (€1,010m) stake and help drive progress towards the long-standing objective of reaching a Final Investment Decision on a new large-scale nuclear project this Parliament. The government plans to rapidly expand nuclear energy in the UK, powering up to a quarter of UK electricity demands by 2050.
Like Hinkley Point C in Somerset, Sizewell C would comprise 2 reactors, generating a total of 3.2 GW of electricity, equivalent to 7% of the UK’s electricity needs. The £20bn (€23bn) project, which secured consent in July 2022 and environmental permits in March 2023, is developed by EDF Energy. A Financial Investment Decision (FID) could be taken in 2023; construction should start before 2024 and should last between 9 and 12 years.
In November 2022, the government established a £679m (€790m) investment scheme, to fund Sizewell C’s continuing development, so it can reach the point of a final investment decision. £170m (€198m) of additional funding was announced in July 2023, as a permitted legacy subsidy modification to the investment scheme under the UK’s subsidy control rules. The £341m (€396m) that has been made available for investment in Sizewell C represents a permitted legacy modification to the same scheme.
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