Sizewell C gets final investment decision

The Government has given the go-ahead to the Sizewell C nuclear plant, the biggest investment in domestic energy in a generation.

The Final Investment Decision for the huge project also unlocks financing for British nuclear energy by adopting the Regulated Asset Base model, which uses both public investment and private capital.

Once online, Sizewell C will supply electricity to the equivalent of six million homes for at least 60 years and is to deliver electricity system savings of £2 billion a year on average once operational.

The project will be delivered at a capital cost of around £38 billion with the Government taking an initial 44.9 per cent stake to become the single biggest equity shareholder in the project.

The new Sizewell C shareholders include La Caisse with 20 per cent, Centrica with 15 per cent, and Amber Infrastructure with an initial 7.6 per cent. This comes alongside EDF taking a 12.5 per cent take in the project announced earlier this month.

Julia Pyke, Joint Managing Director of Sizewell C, said “Sizewell C will cost consumers around £1 per month as an average over the duration of construction. Once operational, the project could lead to savings of £2bn a year across the electricity system.”