UK Government Approves £38bn Sizewell C Nuclear Investment, Creates 10,000 Jobs

The UK government has given final approval for the £38 billion Sizewell C nuclear power station, marking a major investment in clean, homegrown energy designed to supply electricity to six million homes for at least 60 years. Under the Regulated Asset Base model, the government will be the largest equity shareholder with a 44.9% stake, joined by investors including Canadian fund La Caisse (20%), British Gas owner Centrica (15%), France’s EDF (12.5%), and Amber Infrastructure (7.6%). The project is expected to create 10,000 jobs at peak construction, support thousands more in the supply chain, and generate 1,500 apprenticeships, with 70% of construction spending benefiting British businesses. Energy Secretary Ed Miliband emphasized this decision as the start of a new golden age for UK nuclear power, aiming to reduce dependence on fossil fuels, drive down energy bills, and deliver significant carbon emission reductions. The National Wealth Fund and French credit agency Bpifrance will provide most of the debt financing, while incentives are in place for delivering the project below cost and ahead of schedule. Overall, Sizewell C is projected to save the electricity system £2 billion annually once operational, supporting Britain's energy security and economic growth.