The British government announced on Wednesday July 20 that the project to build a new EPR Sizewell C nuclear power plant, for which EDF is its main partner, has received the agreement of the Minister for Energy, Kwasi Kwarteng.
This project “involves the construction of a new nuclear power plant producing reliable, low-carbon electricity, to help” the country to reach its goal of carbon neutrality in 2050, according to a press release. The plant will be able to supply six million households.
London has made the development of nuclear power one of the priorities of its energy strategy, but many of its fifteen reactors are at the end of their life, and the only power station currently under construction, Hinkley point C, a project also supported by EDF and the Chinese CGN, has seen its costs soar and will not open until 2027.
Energy independence at the center of attention
In the midst of a cost of living crisis accentuated by soaring energy bills, and given the war in Ukraine which has put energy independence back at the center of attention, the United Kingdom wants to accelerate the development of atom. It plans up to eight new reactors by 2050 at some of its eight designated nuclear sites, with the aim of supplying 25% of electricity demand.
Sizewell C is a power plant project valued by the British press at 20 billion pounds (23.4 billion euros) comprising two EPR reactors with a power of 3.2 GW, of which EDF holds 80%, again alongside Chinese CGN which holds the rest.
While China’s influence in British strategic assets is regularly denounced by Conservative MPs, putting pressure on the government, the press release does not specify whether CGN will always be a partner, or whether it will eventually be ousted, as mentioned. by the British press for months.
Another hundred million pounds
London announced in January to inject an additional 100 million pounds (117 million euros) for the development of Sizewell C, which will be located in Suffolk, on the east coast of the country, and “attract other financing from private investors”.
And the British government has provided in its budget guidelines published in October up to 1.7 billion pounds (1.9 billion euros) that could be allocated to the development of this project, in which London could take a direct stake.
The executive announced in October a new model for financing its nuclear power plant projects which will weigh part of the cost on the energy bills of individuals, but which should lower the overall cost of these expensive reactors.
