millions of pounds to be handed over to the taxpayer China to buy its stake in a project to build a new nuclear plant in Sizewell C in Suffolk.
business secretary Grant Shapps The UK has today given the green light to the £20 billion project by confirming a £700 million government investment – the first state support for nuclear power in the UK for 30 years.
State-owned China General Nuclear (CGN) holds a 20 percent stake in the project, which aims to provide low-carbon electricity to 6 million homes over 50 years.
Downing Street declined to confirm the size of the payment to CGN, but a government source said it had given the agency “allowance to exit the project, covering buy-out costs, any tax dues and commercial arrangements”. .
the trick is Rishi Sunakannounced on Monday that the “golden age” of close ties with the Far Eastern giant was over.
CGN partners with French company in Sizewell edfThe talks were held as part of David Cameron and George Osborne’s campaign to attract Chinese investment to the UK.
But the government has since sought to exclude the Far Eastern giant from sensitive infrastructure projects – including 5G telecommunications networks – over national security concerns.
Ministers said the investment in Sizewell, set to create 10,000 highly skilled jobs, was part of efforts to secure the UK’s energy security.
The government also said it would set up an arms-length entity, Great British Nuclear, to develop a pipeline of nuclear projects beyond Sizewell Sea.
Sizewell B Nuclear Power Station in Sizewell, Suffolk
(PA Archive)
After delays, the plant in Suffolk will be the second of a new generation of nuclear power reactors Hinkley Point C The scheme in Somerset which is under construction but has seen a cost overrun since it was first given the go-ahead.
EDF chief executive Simone Rossi said that duplicating Hinkley Point C’s design at Sizewell would provide greater certainty over schedules and costs, adding: “It will provide another huge boost to jobs and skills in the nuclear industry and for communities in Suffolk Will provide huge new opportunities.
The announcement was followed by ministers planning to reduce energy demand by 15% by 2030, a new £1 billion eco+ energy efficiency plan, and a public awareness campaign, which had previously been described as a “nanny state” under the administration of Liz Truss. was blocked as To help save energy this winter.
It also comes as Prime Minister Rishi Sunak is facing pressure, including from some Tory MPs, to do a U-turn on plans to ban onshore wind farms in England, one of the cheapest forms of energy Is.
Mr Shapps said: “Global gas prices are at record highs because of Putin’s illegal march on Ukraine.
“We need more clean, affordable electricity within our borders – British energy for British homes.
“Today’s landmark deal supporting the development of Sizewell Sea is a landmark deal, which moves us towards greater energy independence and away from the risks that come with our reliance on volatile global energy markets for our supply. Come.”
chancellor jeremy huntWho announced their intention to go ahead with the project in an autumn statement, said: “Today’s investment in Sizewell Sea represents the biggest step forward on our journey to energy independence – the first state support for a nuclear project in more than 30 years .
“Once completed, this mega project will power millions of homes with clean, affordable, household energy for decades to come.
“Along with our drive to improve the nation’s energy efficiency, this package will help to permanently reduce energy bills and prevent the UK being at the mercy of global gas prices beyond our control.”