The United Kingdom has set aside £1.7bn (€2bn) of new direct government funding to enable a final investment decision (FID) in a large-scale nuclear project in the next few years. Earlier in October 2021, the country unveiled a new funding model for nuclear power plants. Under the new RAB (Regulated Asset Base) model, consumers will contribute to the cost of new nuclear power projects during the construction phase.
In June 2020, the UK Planning Inspectorate accepted the Sizewell C nuclear power plant planning application for examination. The 3,340 MW Sizewell C project that would consist of two EPR reactors is developed by EDF (80%) and its Chinese partner China General Nuclear Power Group (CGN, 20%). The Sizewell C project would be almost identical to the Hinkley Point C nuclear power plant that is being constructed by EDF and CGN in Somerset (UK) and is expected to be commissioned in 2025. EDF expects 20% in capital cost saving for Sizewell C if it manages to reuse the Hinkley Point C experience. The planning application revaluated costs of the project by 11-18%, from £17-18bn (€19-20bn) to £20bn (€22bn).
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