The UK Government has confirmed that it will up its stake in the long-awaited Sizewell C nuclear plant to £14.2 billion, doubling its previously committed investment.
Chancellor Rachel Reeves announced the increased stake at the GMB Congress, and committed to unlocking 10,000 jobs, including 1,500 apprenticeships, as well as serve as proof that the Labour Government is “once again investing in Britain’s renewal.”
Located on the Suffolk coast beside the existing Sizewell B station, the twin-reactor plant is designed to generate enough electricity for around six million homes. Around 70% of the project’s contracts are expected to flow to some 3,500 domestic suppliers, with £330 million of orders already placed with local firms.
Sizewell C was first earmarked as a suitable site back in 2009 but has languished without full funding ever since. Today’s commitment ends the project’s eternal limbo and forms the centre-piece of a wider nuclear revival that includes a push for Europe’s first small modular reactor (SMR) fleets and a £2.5 billion, five-year push on fusion R&D. Combined with Hinkley Point C, which has had its own hiccups, the new build programme is expected to deliver more nuclear capacity to the grid in the 2030s than in the previous half-century.
Speaking of the increased investment, Chancellor Rachel Reeves stated, “Today we are once again investing in Britian’s renewal, with the biggest nuclear building programme in a generation. This landmark decision is our Plan for Change in action.
“We are creating thousands of jobs, kickstarting economic growth and putting more money in people’s pockets.”
Energy unions welcomed the move, highlighting the well-paid, skilled roles on offer and the boost for British engineering. Trade bodies likewise hailed the signal it sends to overseas investors about the UK’s intent to restore its once world-leading civil-nuclear sector.
Energy Secretary Ed Miliband commented, “We will not accept the status quo of failing to invest in the future and energy insecurity for our country.
“We need new nuclear energy to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis.
“This is the Government’s clean energy mission in action- investing in lower bills and good jobs for energy security.”
At peak construction, Sizewell C will employ 10,000 people on site and sustain thousands more across the country in construction, welding, hospitality and associated services. Jobs in nuclear typically pay well above the national average, and the government has committed to working closely with the GMB, Unite and Prospect throughout the build.
“Today marks the start of an exciting new chapter for Sizewell C, the UK’s first British-owned nuclear power plant in over 30 years. It’s a privilege to be leading a project that will create over 10,000 jobs, secure Britain’s energy future and revitalise the UK’s nuclear industry,” noted Julia Pyke and Nigel Cann, Joint Managing Directors, Sizewell C.
“We aim to showcase British infrastructure at its best – delivering a cleaner, more secure energy future for generations to come.”
