Ministers in Suffolk gave the green light for the Sizewell C project, which will help Britain expand its nuclear industry.
French energy giant EDF will build the £20bn plant that will provide power for 6 million homes over the next 60 years.
Negotiations with the Government regarding funding for the power plant are ongoing. A final decision is expected next year.
The UK Government has today granted development consent for the new Sizewell C nuclear power station in Suffolk.
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— Kwasi Kwarteng (@KwasiKwarteng) July 20, 2022
Kwasi Kwarteng (Business Secretary) confirmed the approval. This is a significant step towards the UK’s goal to triple its nuclear power by 2050.
£100m has been committed by the Government to develop the project. EDF will also be taking a 20pc share. Barclays was hired to search for other investors.
This comes just days after the French Government announced plans for EDF to be nationalized as Europe struggles with an ever-growing energy crisis.
Although the utility company said that it is still committed to Sizewell, it warned it will not wait forever for funding decisions.
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