Government to take 20% stake in Sizewell C nuclear plant
EDF has agreed to invest in a similar share
Last updated 28th Mar 2022
The Government and French power giant, EDF, have both agreed to take a 20% share each in the proposed Sizewell C nuclear power plant on the Suffolk coast.
Ministers hope confirming two key backers in the ÂŁ20bn scheme will encourage other investors to come forward and take up the remaining 60%.
It comes as Boris Johnson is due to publish a British energy security strategy.
The Prime Minister has argued that investing in domestic nuclear and renewable power will be key to ending the reliance on fossil fuels.
It's as the country tries to move away from oil and gas supplies from Russia.
Legislation is currently going through Parliament which would allow pension funds and other investors to offer up cash for power stations.
Energy bill payers would also contribute towards the cost of new power stations during construction through their bills.
Ministers have suggested the levy would add around ÂŁ1 a month to household bills, but in the face of the current squeeze on family budgets, they say an exemption would be considered to protect the poorest.
Opposition
Proposals for the Sizewell C plant in Suffolk have proven controversial with many opposed.
Among the concerns raised have been the impact of the development on the environment, as well as insufficient infrastructure locally to support the building and operation of the plant, if it goes ahead.
Alison Downes, who's the Executive Director of Stop Sizewell C, told us: "The other point we're upset about is that in intending a 20% stake in Sizwell C, basically the Government Business Secretary is backing a project, over which he's about to make a supposedly impartial planning judgement.
"And that cannot be considered due process in anybody's eyes."
She added that the Government is using the conflict in Russia as an excuse to progress this scheme: "We think that the Prime Minister has got this love affair with nuclear energy.
"And I think what he's done is he's using this crisis to push forward on his own agenda, which is to see a massive increase in nuclear energy."
Alison said despite this investment, there is still a long way to go: "We've already been in touch with a number of pension funds... all of these have said that the Sizewell C project is not something that they're interested in.
"So they still have a mountain to climb, they've still got to get a site license, they've still got to get permits, they've still got to get planning consent."