Millions of working people will benefit from cheaper clean power says Labour as the government gives the green light to Sizewell C – the UK’s biggest public investment in clean energy this century.
The Energy Secretary has today signed the final investment decision for the 3.2GW nuclear power station, which will deliver “clean power for the equivalent of six million homes and support 10,000 jobs once operational”.
The landmark deal is a cornerstone of the government’s mission to build a “new golden age of nuclear” and end “an era of dithering and delay”.
Ministers say it will deliver “cheaper clean electricity for generations of families for at least six decades”.
Once up and running, Sizewell C is expected to generate savings of “£2 billion a year across the future low-carbon electricity system” and cut reliance on fossil fuels.
The government said this would help “bring down bills for good and protect family finances”.
The power station will also “kick-start economic growth and get Britain building”. At peak, the project will support 10,000 jobs directly employed in the project and thousands more in the nationwide supply chain, as well as creating 1,500 apprenticeships.
Seventy per cent of the value of construction is set to be awarded to British businesses with Sizewell C Ltd expecting 3,500 UK companies in its supply chain across the entire country.
The government will hold a 44.9 per cent stake, becoming the largest shareholder. Private investors include Quebec-based La Caisse (20 per cent), Centrica (15 per cent), Amber Infrastructure (7.6 per cent) and EDF (12.5 per cent).
France’s Bpifrance Assurance Export is also backing the project with a proposed £5 billion debt guarantee.
“The British people will benefit from the government’s investment,” said ministers. “This is a major boost for energy security, jobs and economic growth.”
The project also marks the National Wealth Fund’s first investment in nuclear, with the body providing the majority of the project’s debt finance, working alongside Bpifrance Assurance Export.
Chancellor Rachel Reeves said: “La Caisse, Centrica and Amber’s multi-billion pound investment is a powerful endorsement of the UK as the best place to do business and as a global hub for nuclear energy.
“Delivering next generation, publicly-owned clean power is vital to our energy security and growth, which is why we backed Sizewell C. This investment will create thousands of good quality jobs and boost the local economy as we deliver on our Plan for Change.”
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