- French company EDF confirms it will take a 12.5% stake in
Sizewell C nuclear plant, supporting thousands of UK jobs and
boosting UK's energy security
- Follows £14.2 billion funding confirmed by UK government
last month and takes Britain closer to ‘golden age' of nuclear
power
- Prime Minister to welcome French President
Emmanuel Macron to Downing Steet tomorrow to make progress on
shared priorities and deliver for British people
Thousands of UK jobs will be created as French energy firm EDF
confirms today it will take a 12.5% stake in Sizewell C – in a
major boost for UK growth and energy security.
EDF is the first shareholder to announce its backing for the
nuclear plant alongside the UK government, who confirmed
£14.2 billion of funding into the project in last month's
Spending Review.
Today's announcement takes Sizewell C one step closer to being
given the green light, when it will help to deliver the UK's
‘golden age' of nuclear and see clean power supplied to millions
of homes.
Further investors and details on the project's financing will be
confirmed at the point of the Final Investment Decision, targeted
for this summer.
Nuclear energy is crucial to a mixed power supply – providing a
backbone of low-carbon power alongside renewables, which is the
only way to bring down bills for good by ending the UK's
dependence on fossil fuel markets.
At peak construction, Sizewell C will support 10,000 jobs, and
thousands more in the nationwide supply chain, and create 1,500
apprenticeships.
It comes as Prime Minister welcomes French President
Emmanuel Macron to the UK ahead of the UK-France Summit on
Thursday, which will drive forward co-operation with one of our
closest neighbours on shared priorities – energy, growth, defence
and security, and migration.
Since taking office last year, the Prime Minister has been
determined to bolster the UK's position on the world stage and
improve our relationship with our closest partners in order to
deliver for the British people.
Today's announcement marks another vote of confidence in that
approach, cementing the UK as an increasingly attractive
investment destination and a reliable partner.
Previous governments had shied away from making real progress on
Sizewell C – leaving the UK exposed when Putin's illegal invasion
into Ukraine created major shocks in the international oil and
gas market.
Prime Minister
said:
“I've been clear there will be no more dithering and delay on
Sizewell C – and this investment takes us a step closer to the
benefits it will bring to the British people.
“Lower energy bills, thousands more jobs and apprenticeships,
and better energy security – this is not only a vote of
confidence in the UK as an investment destination, it is our Plan
for Change in action.”
Chancellor of the Exchequer said:
“This investment goes hand in hand with the
£14.2 billion set aside at last month's Spending Review to
deliver the biggest nuclear building programme in a
generation.
“It is part of the new confidence we're seeing in the UK as
an investment destination and will create thousands of
high-skilled, high-paid jobs to help deliver on our Plan for
Change.”
Energy Secretary said:
“Thousands of jobs and clean power for millions of homes are
one step closer today as we welcome this investment into Sizewell
C – delivering a golden age of new nuclear to protect family
finances and boost energy security.
“This agreement is a landmark moment in the UK and France's
long-standing partnership in civil nuclear, and a testament to
our countries' strong relationship.”
In addition, Bpifrance, France's export credit agency, is set to
provide a £5 billion debt guarantee to the power station.
This supports lending to the project from a number of leading
commercial banks and is enabled by Sizewell C's innovative
funding model that spreads costs between consumers, taxpayers and
private investors.
The UK Government will remain a significant shareholder in the
project – ensuring we have oversight of the progress and limiting
delays.
The government's nuclear programme is now the most ambitious for
a generation - once small modular reactors and Sizewell C come
online in the 2030s, combined with Hinkley Point C, this will
deliver more new nuclear power to the grid than over the previous
half century combined.
In another important step forward for UK–France energy
collaboration, UK company Urenco have signed a 15-year deal with
EDF to produce fuel for nuclear power stations, helping to
deliver clean power and enhanced energy security in Europe.
This multi-billion euro contract, with significant value for the
UK, will support Urenco UK's workforce of more than 1,400 people
and support the company's important contribution to UK economic
growth, which represented more than £256 million in 2023.
French engineering company Assystem has also announced plans to
double its nuclear workforce in the UK, creating 1,000 new
engineering, digital and management jobs by 2030 across 10 UK
sites, including in Sunderland, Blackburn, Derby, Bristol and
London.
