Sizewell C nuclear plant sees government become main funder of £38b project

The government announced that it would be the main shareholder at the New Fieswell C nuclear facility.

He confirmed that taxpayers would receive 44.9% shares in the project and will be financed by the four other companies; Edf, Centiica, La Caisse and Amber infrastructure.

Downing Street has already invested £ 14.2 billion to build the new Sightwell C nuclear power plant on the Suffolk coastline in front of the expenditure review.

The cost of the project, which was announced on Tuesday, is now £ 38 billion – the last official figure was for £ 20 billion.

“This multilave final investment decision, not private investors, but not the public wallet will carry the box for inevitable cost overdress,” Alison Downes, the director of the pressure group Stop Sightwell C, just crawled the line. “

Downs added that the UK households expect to be shot with a new Sightwell C construction tax on the energy bills.

“Only now, it is surprising that the Government’s size is almost twice the cost of C, since contracts have been signed.

Sizewell C expected The Treasury said that it has created thousands of direct jobs in companies that supply the facility and produce enough energy to provide power to six million houses.

Enerji Secretary Ed Miliband said: “It is time to do big things in this country and to build big projects again, and today we are making a clean, home -made investment for millions of homes for future generations.

“This government, a new golden age to deliver the nuclear age to invest in the investment, so we can end the delays and to improve the bills to get the bills from the destruction of global fossil fuel markets.”

The government’s national wealth fund – head investor and policy bank – will make its first nuclear energy investment.

The ownership of the facility will see that La Caisse’s 20% shares are 15% of Centry and the amber infrastructure is 7.6%.

This comes with the French energy giant EDF’s 12.5 % shares of the project determined at the beginning of this month, as well as a debt guarantee of £ 5 billion from France’s export loan agency BPIFRANCE guarantee exports to support the company’s commercial bank loans.

Julia Pyke, the General Manager of Gizwell C, said: “Investing in Dimensionwell C, [the government] The foundations are laid for a safer, cleaner and more affordable energy system.

“Since 70% of our construction expenditure will be in the UK, they will help create thousands of great jobs and new opportunities for up and down people and businesses in the country with a 4.4 billion pounds of pounds in the east of England.”

Despite the powerful nuclear heritage of the UK in the 1950s, including opening the world’s first commercial nuclear power plant, a new nuclear power plant has not been opened in the UK since 1995, and all existing fleets, except Dimensionwell B, will gradually remove in the early 2030s.

Sightwell C was one of the eight sites that was described as a potential place for the new nuclear in 2009 by the Energy Secretary Ed Miliband. However, the project was not fully financed in the following 14 years following the subsequent governments.

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