Nuclear project Sizewell C wins £100m government cash injection
UK's net zero plans set out a key role for nuclear power, but some commentators say renewables are more economical.
"In light of current volatile gas prices affecting bills at least for the next few years, it will surely be a priority for the government to look at how they can reduce bills," added Ms Ralston."Ways to significantly reduce the costs of new nuclear would need to be found."
Simone Rossi, CEO of EDF, said the funding help protect the UK from energy shocks, lower energy costs and boost jobs.'Tacit admission'Negotiations between the Government and EDF, the project developer, began last year. Ministers hope the cash will help progress the plans and attract more cash from private investors.Read more: Sky News »
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Ministers invest £100m in EDF’s £20bn Sizewell C nuclear power stationGovernment’s cash injection is designed to ‘maximise investor confidence’ while the company courts private investors
UK commits £100m to proposed Sizewell C nuclear plant\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t Bongs finally take a W £100m is not much when its estimated cost is £20bn
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climate change "In light of current volatile gas prices affecting bills at least for the next few years, it will surely be a priority for the government to look at how they can reduce bills," added Ms Ralston."Ways to significantly reduce the costs of new nuclear would need to be found." Simone Rossi, CEO of EDF, said the funding help protect the UK from energy shocks, lower energy costs and boost jobs. 'Tacit admission' Negotiations between the Government and EDF, the project developer, began last year. Ministers hope the cash will help progress the plans and attract more cash from private investors. Greenpeace UK said handing out taxpayers' money was a"tacit admission" that nuclear was not commercially viable. If built, Sizewell C could power the equivalent of about six million homes and support up to 10,000 jobs in Suffolk and across the UK. The plant will be a"near replica" of Hinkley Point C in Somerset. Unions welcomed the step forward, but Unite urged the government to"take the handbrake off" and"agree a funding model that allows Sizewell to start without any further delay". The government has committed to bringing at least one large-scale nuclear project to a final investment decision in this Parliament, as long as it provides"value for money". Please use Chrome browser for a more accessible video player 0:55 COP president Alok Sharma: North Sea gas extraction will not help to solve the energy crisis Watch the Daily Climate Show at 8.30pm Monday to Friday on Sky News, the Sky News website and app, on YouTube and Twitter. The show investigates how global warming is changing our landscape and highlights solutions to the crisis. Related Topics