2024-09-06 06:40:00
BRITAIN NUCLEAR INVESTMENT GBP5.5 BLN
ENERDATA - 04 September 2024 - The UK Department for Energy Security and Net Zero (DESNZ) has proposed a new subsidy scheme to support the development of the proposed Sizewell C (SZC) nuclear power plant to reach a Final Investment Decision (FID) and eventually to begin commercial operations.
The Sizewell C Devex Scheme has a total value of GBP5.5bn (€7.2bn) and it is expected to provide the greater flexibility to cover development expenditure costs up to and including FID, subject to appropriate Value for Money (VfM) assessments and approvals at the relevant time. The funding for the Devex Scheme is still subject to relevant approvals, and it will operate in addition but separately to the existing SZC Investment Funding Scheme.
Sizewell C is developed by EDF Energy (50%), with the UK government holding the remaining 50% and is located in Suffolk (England). SZC will comprise 2 reactors with a combined capacity of 3.2 GW, equivalent to 7% of the UK’s electricity needs. The UK Government aims to increase its nuclear capacity to 24 GW by 2050, which would represent about 25% of the country's projected electricity demand.
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