UK government launches Sizewell C investment

The UK government is firmly behind new nuclear and Sizewell C, having officially committed £700m towards the project on 29 November 2022.

The Government Investment Decision (GID) will see the UK government become a 50% shareholder in the project. Sizewell C will continue working to raise the remaining capital needed. Backed by the right funding model, with the right political support, and the right Environmental, Social and Governance (ESG) commitments, Sizewell C will deliver for investors and for British households.

Sizewell C is at the centre of the UK government's plans to ensure energy independence. You can read more about the announcement in the government press release here.

The right funding model

Sizewell C is ready to use the Regulated Asset Base (RAB) as a funding model. This is a tried and tested arrangement for raising low-cost finance for infrastructure. A RAB will lower costs for consumers and create a unique opportunity for investors such as pension funds, insurers and other institutional investors. 

Legislation to apply RAB funding to UK nuclear has been passed in Parliament with strong support from the UK's two main political parties.

The right political support

Nuclear is central to the Government’s plans to decarbonise the UK economy and reach Net Zero emissions by 2050. Read more about government's plans and how it will work with Sizewell C here.

Locally, Sizewell C has significant public support. A recent opinion poll has shown nearly two thirds of people in East Suffolk are in favour of building Sizewell C and that support for the project outweighs opposition by more than two to one.

The right ESG commitments

The project will also deliver for Suffolk’s environment, improving net biodiversity by 19%*. This has already led to Wild Aldhurst – 67 hectares of restored wildlife habitat in Leiston, which is now open to the public.

By 2030, 40% of our workforce, and 50% of our non-executive directors, will be women. Meanwhile, our partnerships with educational institutions in East Anglia are already engaging young people on potential careers within nuclear engineering. We also have outreach programmes targeting the economically-disadvantaged and hard-to-reach groups.

Through education and training bursaries, Sizewell C will be available to all and deliver
for everyone – regardless of background.

*
*The biodiversity net gain has been assessed using the latest Natural England Biodiversity Metric (2.0). It does not include replacement habitat for the six hectares of Site of Special Scientific Interest needed for construction. The assessment was carried out by consultants on behalf of Sizewell C and was independently peer-reviewed.

The right investment

Sizewell C will deliver secure, long-term regulated investment. It will replicate the design of the Hinkley Point C power station in Somerset, which is now five years into construction, reducing build costs and risk.

Through its 10 to 12-year construction period, and for at least 60 years of operation, Sizewell C will deliver index-linked returns for investors. Funding will be raised through a Regulated Asset Base (RAB) model, which has already been used to finance £200bn of infrastructure assets in the UK. Investors share project risk and costs with consumers, while a Government Support Package will protect investors from remote high impact risks.

Investing in Net Zero

An investment in Sizewell C is an investment in clean energy and our Net Zero future.

The station will generate low-carbon, affordable electricity for 6 million homes, avoiding 9 million tonnes of carbon emissions each year. What’s more, new nuclear will facilitate the emergence of vibrant new green technologies like hydrogen and Direct Air Capture through the utilisation of the heat the station will produce. These are all technologies vital for our country’s pursuit of Net Zero.

Back to top


 

Contact Sizewell C

  • Call: FREEPHONE 0800 197 6102 (Weekdays: 9am - 5pm)
  • Write: FREEPOST SZC CONSULTATION (No stamp or further address required)
  • Visit: Sizewell C Information Office, 48-50 High Street, Leiston IP16 4EW (open for visits without appointment 9.30am – 5pm weekdays only, closed lunchtimes 12:30pm – 1.30pm)
  • For general queries, email: info@sizewellc.co.uk
  • For media queries, email: media@edfenergy.com