Britain Unveils £5.5 Billion Subsidy Scheme for Sizewell C Nuclear Project

Britain detailed a subsidy plan worth up to £5.5 billion ($7.2 billion) to support the EDF-built Sizewell C nuclear plant in southeast England. The scheme aims to back the plant's development amid efforts to meet climate goals and enhance energy security, though additional investment remains a challenge.

On Friday, Britain revealed a subsidy scheme worth as much as £5.5 billion ($7.2 billion) to aid the development of the Sizewell C nuclear plant, being constructed by France's EDF in southeast England. This move is part of broader efforts to meet climate targets and bolster energy security through new nuclear projects to replace aging ones.

Despite the hefty subsidy, Sizewell C has struggled to secure further investment, prompting the government to already commit approximately £2.5 billion of taxpayer money. The newly proposed Development Expenditure Scheme aims to fund the project up to the point of making a financial investment decision or attracting enough investors to continue.

According to a spokesperson for Britain's Department for Energy Security and Net Zero (DESNZ), the government intends to decide on the project's future by the year's end, reinforcing its crucial role in achieving energy security and net zero targets while creating jobs and ensuring energy independence by 2030.

(With inputs from agencies.)