Friday 29 October 2021

Government to invest £1.7bn in a new large-scale nuclear power station

A new large-scale nuclear power station is set to secure a fresh £1.7 billion in government funding.

The support aims to help the project reach a final investment decision in the next three years.

The Chancellor did not unveil more details about the project in his Budget statement but additional documents published by HM Treasury later suggest that the government is in "active negotiations" with EDF over the Sizewell C project.

The Autumn Budget and Spending Review states: "As well as accelerating the decarbonisation of transport and buildings the government is investing £1.5 billion in net zero innovation and laying the foundations for the wider transition to a more resilient energy supply by investing in nuclear technologies and offshore wind.

"This includes £1.7 billion to enable a final investment decision for a large-scale nuclear project in this Parliament and the government remains in active negotiations with EDF over the Sizewell C project."

The Nuclear Industry Association welcomed the government plans.

Earlier this week, the Business and Energy Secretary launched a new finance model for nuclear projects to encourage private investment and save consumers an estimated £30 billion on every large-scale nuclear project.