Government set to take 20% stake in new Sizewell nuclear power station in Suffolk
The government is about to take a 20% stake in a new nuclear power station at Sizewell in Suffolk.
Sizewell C will be built next to Sizewell B and will produce enough nuclear energy to power six million homes.
It is expected to cost around £20bn to build, although this could rise as inflation soars.
Planning ahead: Sizewell C will be built next to Sizewell B and will produce enough nuclear power to power six million homes
Nuclear power is a key pillar of the government’s commitment to achieve net zero carbon emissions by 2050.
Chancellor Rishi Sunak earmarked £1.7billion in last October’s budget to fund a new factory. This money will be used as part of the investment in Sizewell C, which will be operational in the late 2030s.
Partial government ownership could attract large investors such as pension funds to support the project.
French energy giant EDF will also take a 20% stake in the plant, the BBC reported.