UK invests £14.2bn in Sizewell C nuclear plant

The UK government has announced a £14.2 billion ($19.1 billion) investment to build the Sizewell C nuclear power plant.

The facility is being built in East Suffolk, located next to Sizewell B, which started operating in 1995.

Sizewell C will replicate the design and operation of Hinkley Point C in Somerset, generating up to 3.2GW of power, enough to power six million homes.

Alongside the confirmation of the UK’s first generation of Small Modular Reactors (SMRs), the investment decision is being hailed as a bold step towards the revitalisation of the UK’s nuclear industry.

UK Chancellor Rachel Reeves yesterday confirmed the funding at the GMB (General and Municipal Workers’ Union) Congress.

According to the UK government, the power plant will be able to create 10,000 jobs, including 1,500 apprenticeships, and support thousands more jobs across the country.

Sizewell C has already signed £330 million ($445.2 million) in contracts with local companies and is expected to boost supply chains across the UK with 70% of contracts predicted to go to 3,500 British suppliers.

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Said Reeves in a release: “Today we are once again investing in Britain’s renewal, with the biggest nuclear building programme in a generation.

“We are creating thousands of jobs, kickstarting economic growth and putting more money people’s pockets.”

Said energy secretary Ed Miliband: “We will not accept the status quo of failing to invest in the future and energy insecurity for our country. 

“We need new nuclear 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.”

Sizewell C

Sizewell C is the first British-owned nuclear power station to be announced in over three decades, with HMG as a majority shareholder alongside EDF.

Over 70% of Sizewell C’s construction value will go to UK companies, providing a boost to the British economy and a major move to reshore the country’s energy supply chains.

Sizewell C was one of eight sites identified in 2009 as a potential site for new nuclear. However, the project was not fully funded in the 14 years that followed.

It is the first nuclear power station in the UK that will be funded through a Regulated Asset Base (RAB) model, aiming to provide independent regulation, strict cost controls, and transparent oversight.

Said Julia Pyke and Nigel Cann, joint-managing directors of Sizewell C:

“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.”

Warren Kenny, GMB regional secretary: “Sizewell C is absolutely vital if the UK is to hit net zero.

“Nuclear power is essential for clean, affordable, and reliable energy - without new nuclear there can be no net zero.”

Sizewell C hopes to be operational by the 2030s. Once up and running, Sizewell C is believed to save over £1 billion ($1.4 billion) to £1.5 billion ($2 billion) annually across the electricity system.