NUCLEAR reactor Sizewell C was given the green light for construction today, in a 10,000 jobs boost.
The £38bn power station in Suffolk is anticipated to provide electricity to six million households and save the system £2 billion annually once it becomes operational.
Construction expenses are projected to be about 20 percent lower than those of Hinkley Point C due to a new funding model that distributes costs among taxpayers, consumers, and investors.
The state will co-own the nuclear plant, with the government taking a 44.9 per cent stake.
EDF, Centrica, La Caisse, and Amber Infrastructure will also serve as key investors.
At peak construction Sizewell C will create 10,000 new jobs and 1,500 apprenticeships.
Approximately 70 percent of the construction’s value will be granted to British businesses, with an expected 3,500 UK companies involved in its supply chain nationwide.
The plant is expected to generate energy for at least six decades.
The project is backed by the National Wealth Fund and France’s Bpifrance, with a proposed £5 billion debt guarantee to secure financing.
Chancellor Rachel Reeves said: “La Caisse, Centrica and Amber’s multi-billion-pound investment is a powerful endorsement of the UK as the best place to do business and as a global hub for nuclear energy.
“Delivering next generation, publicly-owned clean power is vital to our energy security and growth, which is why we backed Sizewell C.
“This investment will create thousands of good quality jobs and boost the local economy as we deliver on our Plan for Change.”
Julia Pyke and Nigel Cann, Joint Managing Directors of Sizewell C, said: “We’re delighted to welcome new investors alongside government and EDF who, like our suppliers, have strong incentives to keep costs under control and ensure we deliver Sizewell C successfully for consumers and taxpayers.
“By investing in Sizewell C, they are laying the foundations for a more secure, cleaner and more affordable energy system.
“Because 70 per cent of our construction spend will be in the UK, with a £4.4 billion commitment to the east of England, they will also help to create thousands of great jobs and new opportunities for people and businesses up and down the country.
“We are determined to deliver this major infrastructure differently, and to make sure this is a project Britain can be proud of.”
