The UK government plans to invest 14.2 billion pounds (equivalent to $19.3 billion) in the construction of the Sizewell C nuclear power plant to boost energy security, Energy Minister Ed Miliband has 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,” Ed Miliband said in a statement, as quoted by Reuters.
Sizewell C is a 3.2 GW nuclear power facility being developed by French EDF.
The project was first announced in 2020 with a price tag of around $25 billion. Since then, however, the price has increased twofold, with the developer citing raw material inflation.
The UK government originally agreed to shoulder 40% of the total cost, along with EDF, with the rest coming from private investors.
The original government share stood at 6.4 billion pounds or $8.7 billion.
According to Reuters, the official statement on the new cash injection did not clarify whether the new sum included the original investment.
Source:https://energynewsafrica.com
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