Government backs nuclear with £14.2bn investment

The UK Government has pledged a £14.2bn investment to build Sizewell C, the first British-owned nuclear power station to be announced in over three decades.

The backing was announced alongside the confirmation of the UK’s first generations of Small Modular Reactors (SMRs) in a move ministers said was a major step towards energy independence.

Sizewell C, on the Suffolk coast, will be the first nuclear power station to be funded through a Regulated Asset Base (RAB) model which aims to protect consumers through independent regulation, cost controls, and transparent oversight. The UK Government will be majority shareholder alongside EDF as part of the investment announced in the spending review.

Ed Miliband, the Secretary of State for Energy Security and Net Zero, said: “We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis.”

Dhara Vyas, chief executive at Energy UK, said: “Recommitting to large-scale projects like Sizewell C, alongside the backing for SMRs marks a genuine turning point – giving long-overdue certainty to an industry with the potential to power millions of homes, create tens of thousands of jobs, and anchor economic growth in communities across the country.”