£100 million government funding announced for new nuclear plant at Sizewell
Negotiations have been underway for the plant for over a year
Last updated 27th Jan 2022
A nuclear power plant in Suffolk has received over £100 million in funding to develop nuclear energy made by the plant.
Sizewell Nuclear Plant near the village of Sizewell in Suffolk has been providing energy for homes in the area since 1995.
But new plans for a second plant to built near the site - known as Sizewell C - have been boosted by new government funding made available.
The funding is part of a £1.7 billion budget allocated by Chancellor Rishi Sunak last year to support the development.
Ministers said that the funding was to attract more money from private investors for the plant project.
However, environmental campaigners from Greenpeace said that the government's need to spend taxpayers' money shows the unfeasibility of the scheme.
If built, Sizewell C would create over 10,000 jobs in the Suffolk area and power nearly six million homes in the UK.
Negotiations between the government and Sizewell's project developer EDF began in earnest last year.
Speaking about the funding, Business and Energy Secretary Kwasi Kwarteng welcomed the opportunity for other forms of energy.
"In light of high global gas prices, we need to ensure Britain's future energy supply is bolstered by reliable, affordable, low-carbon power that is generated in this country," he said.
"New nuclear is not only an important part of our plans to ensure greater energy independence, but to create high-quality jobs and drive economic growth.
"The funding announced today will further support the development of Sizewell C during this important phase of negotiations as we seek to maximise investor confidence in this nationally significant project."