Labour announce plans to build £38bn Sizewell C nuclear plant
Government strikes deal with private investors to build Sizewell C nuclear power plant
- The UK government has announced the construction of the Sizewell C nuclear power plant in Suffolk will cost approximately £38 billion.
- The government will become the largest equity shareholder, investing a 44.9 per cent stake in the project, with Energy Secretary Ed Miliband signing off the final investment decision.
- New investors include La Caisse with 20 per cent, Centrica with 15 per cent, and Amber Infrastructure with an initial 7.6 per cent, while EDF has taken a 12.5 per cent stake.
- Once operational, Sizewell C is expected to deliver clean power to the equivalent of six million homes and save £2 billion annually in electricity costs.
- The project is anticipated to support 10,000 jobs and aims to enhance the UK's energy security and reduce reliance on foreign energy sources.