How will Sizewell C be funded?

Sizewell C will be a near replica of Hinkley Point C and this means we can lower construction costs and explore new ways of raising finance.

In March 2022, new legislation came into effect allowing Regulated Asset Base (RAB) financing for nuclear. It's a breakthrough that will allow us to lower the cost of financing Sizewell C, bringing big savings for consumers.

Read more about the RAB financing scheme here

 

 

Green taxonomy and ESG criteria

We believe nuclear scores highly when it comes to ESG considerations and Sizewell C is arguing for nuclear to be included in the Government’s forthcoming taxonomy on green investments. Our ESG credentials:

  • Environment: Sizewell C will produce vast amounts of very low-carbon energy, with lifecycle emissions comparable to renewables and a very small land footprint. It is one of the safest forms of producing electricity with a good track record in managing radioactive waste.
  • Social: The social benefits of Sizewell C include support for 70,000 UK jobs, 1,500 apprenticeships, huge investment in the UK nuclear supply chain and East of England economy.
  • Governance:  The industry is independently regulated and each operating company must demonstrate a high level of organisational capability and expertise to ensure nuclear safety and environmental protection.

In 2021, the European Commission’s Joint Research Council which advises on the EU taxonomy concluded that, “There is no science-based evidence that nuclear energy does more harm to human health or to the environment than other electricity production technologies already included in the EU Taxonomy as activities supporting climate change mitigation." Read the full report.

See how we are supporting jobs and apprenticeships
 and supporting the environment

Reducing costs through replication

Sizewell C is a near replica of Hinkley Point C which means we’re able to easily take all of the learnings and innovation from that project to build this new power station at a lower cost.

Throughout the construction process at Hinkley Point C we’ve also been able to implement big improvements on the plans even as work continues. Those same improvements have been incorporated into Sizewell C to ensure the end product is even better.

EDF Energy will provide design, technical and engineering support throughout construction and operation. All of these elements combined mean that Sizewell C can be delivered with a high degree of cost certainty and substantial reduction in delivery risk.

Why the UK needs Sizewell C

The UK has made a binding commitment to reach net-zero carbon emissions by 2050. That means our electricity system won’t be able to rely on polluting fossil fuels as it does today. The move to cleaner sources of power means that, by 2050, we will need around four times the amount of low-carbon electricity we use today. 

While the growing demand for low-carbon electricity will mostly be met by renewables like wind and solar, nuclear electricity will also be a vital component of our future energy mix. Nuclear doesn't rely on the weather and is the only proven technology that can deliver clean “baseload” power at scale. 

Sizewell C will help Britain move away from imported fossil fuels and deliver reliable low-carbon electricity to 6 million homes for at least 60 years. 

Here’s the one-sentence case for nuclear power: It’s the only carbon-free energy source that can reliably deliver power day and night, through every season, almost anywhere on earth, that has been proven to work on a large scale.

Bill Gates, Co-founder of Microsoft Corp., Feb 2021

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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