UK’s nuclear power station invites new private investment
Today, the UK Government has confirmed that private investors can now express an interest in making an investment in the new Sizewell C nuclear power station, currently being built in Suffolk, on the east coast of England.
Sizewell C is at the heart of the UK’s civil nuclear revival and will house 2 of the most powerful reactors in the world. When finished, Sizewell C could power as many as 6 million homes and create 10,000 jobs across the country
Regarded as one of the countries clean energy projects, the government has committed £700 million to the project.
Secretary of State for Energy Security and Net Zero Claire Coutinho said: “We are focused on securing good value for taxpayers and look forward to seeing strong and competitive bids to be a part of this exciting project.”
Sizewell C Company Joint Managing Director Julia Pyke said: “The launch of the formal equity raise opens another exciting phase for the project, following a positive response from investors during market testing.
“Investors who participate in Sizewell C would be contributing to one of the biggest clean energy projects in the UK.”
Chief Executive Officer of EDF Energy Simone Rossi said: “The very significant investment that EDF continues to make in Britain at Hinkley Point C benefits Sizewell C through replication of the design and construction and a proven UK supply chain.”
While details of the investors who come forward and get involved cannot be provided at this stage given the need for commercial confidentiality, ministers will be looking for private investors who can add value to the project and will only accept private investment if it provides value for money, while bolstering energy security.
Returns to private investors could be buoyed by the current wholesale energy level which is a lot higher now as a result of the energy price crisis.
This approach bolsters the UK’s net-zero commitment and the rush to become self sufficient and not reliant on expensive imports.
We believe that the base price of energy has changed forever given the amount of investment required to get the UK to this point. We are all going to need to get used to paying more for our energy going forward.
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This information will give you all that you need to make a more informed decision when your business electricity or business gas contract comes up for renewal.