UK's £5.5 Billion Boost for Sizewell C Nuclear Plant

Britain has unveiled a subsidy scheme worth up to £5.5 billion to support the Sizewell C nuclear plant, aiming to enhance energy security and meet climate targets. The scheme addresses funding hurdles and sets the stage for a crucial financial investment decision. If realized, Sizewell C could power 6 million homes.

Britain has introduced a new subsidy scheme valued at up to £5.5 billion to aid the construction of the Sizewell C nuclear plant, currently being developed by France's EDF in southeast England. This initiative is part of the country's strategy to meet climate goals and bolster energy security.

The project has faced investment challenges, with the government already injecting around £2.5 billion of taxpayers' money. The Development Expenditure Scheme announced on Friday aims to cover development costs until a final financial investment decision is made, as per the Department for Energy Security and Net Zero's document.

The funding, contingent on relevant approvals, could lead to the Sizewell C project generating sufficient electricity for approximately 6 million homes, significantly contributing to the energy needs of the nation.

(With inputs from agencies.)