Sizewell C receives £170m to accelerate preparatory works

On July 24, 2023, ministers confirmed a further £170m investment of previously allocated funding for development work on the project. This will be used to prepare the Sizewell C site for future construction, procure key components from the project’s supply chain, and expand its workforce.

At the peak of the construction work, Sizewell C would support 10,000 UK jobs, with supply chain plans for 70 per cent of the value of construction contracts to go to UK businesses.

Yesterday’s announcement follows the launch of Great British Nuclear (GBN), a new body to oversee the expansion of nuclear power in the UK.

These measures are expected to help attract potential private investment into new nuclear projects, alongside the government’s introduction of the Regulated Asset Base (RAB) model for nuclear, and the inclusion of nuclear in the UK’s green taxonomy.

“Sizewell C represents the bridge between the ongoing construction of Hinkley Point C and our longer-term ambition to provide up to a quarter of the UK’s electricity from homegrown nuclear energy by 2050,” energy security secretary Grant Shapps said in a statement. “Our new nuclear fleet will provide clean, reliable, and abundant energy whilst driving down bills.”

Sizewell C will be a 3.2GW power station and a close copy of Hinkley Point C currently under construction in Somerset.

According to the Department of Energy Security and Net Zero (DESNZ), Sizewell C will help deliver the government’s ambition for up to 24GW of the UK’s power to come from nuclear sources by 2050.

In November 2022, the government established a £700m investment scheme, to fund Sizewell C’s continuing development so it can reach the point of a final investment decision.  DESNZ said this latest funding represents a permitted legacy subsidy modification to the investment scheme under the subsidy control rules.