UK Government Secures £38bn Sizewell C Nuclear Investment

The UK government has finalized a £38 billion deal to construct the Sizewell C nuclear power plant in Suffolk, becoming the largest equity shareholder with a 44.9% stake. This cost nearly doubles the original £20 billion estimate from five years ago, with the increase attributed to inflation and risk factors previously unaccounted for. The project, supported by investors including Canadian fund La Caisse, British Gas owner Centrica, French energy giant EDF, and Amber Infrastructure, is expected to power six million homes and create around 10,000 jobs once operational in the mid to late 2030s. To finance the construction, the National Wealth Fund will provide a significant loan, and households will see an average increase of £1 per month on energy bills during the building phase. Critics highlight the recurring pattern of UK mega-projects experiencing cost overruns that the public ultimately finances, warning that further expenses may still arise. Government officials emphasize that Sizewell C will usher in a new era of clean, homegrown energy, promising long-term savings of up to £2 billion annually on the low-carbon electricity system.