The funding commitment from Business and Energy secretary Kwasi Kwarteng will be used to continue the development of the project, which will aim to attract further financing from private investors and, subject to value for money and relevant approvals, the UK government.
“Considering high global gas prices, we need to ensure Britain’s future energy supply is bolstered by reliable, affordable, low-carbon power that is generated,” Kwarteng said. “New nuclear is not only an important part of our plans to ensure greater energy independence, but to create high-quality jobs and drive economic growth.”
Kwarteng added the funding will also further support the development of Sizewell C during this important phase of negotiations as the government seeks to maximise investor confidence in this “nationally significant” project.
Negotiations between the government and Sizewell C project developer EDF Energy started last year. If built, Sizewell C would power the equivalent...