Saturday, September 03, 2022

Boris Johnson poised to give green light to Sizewell C nuclear plant funding during final days in office


Prime Minister Boris Johnson is poised to announce that he is giving the green light to funding for the Sizewell C nuclear power plant in Suffolk if finely poised negotiations conclude before his valedictory speech on energy security on Thursday.

The outgoing Prime Minister will say the Governments energy strategy 
will mean the UK can reduce its dependence on expensive foreign fossil fuels 
(Photo: Andrew Boyers/PA Wire)© Provided by The i

The Prime Minister is set to announce an initial Government investment decision despite senior supporters of Liz Truss’s bid to become prime minister raising concerns that committing billions of pounds to the project could tie her hands in power.

Mr Johnson’s speech comes during his final week in office, which he has used to try and burnish his legacy by highlighting what he sees as Government achievements on gigabit broadband, police recruitment and the Aukus defence deal with Australia and the US.

In his speech, the outgoing Prime Minister will say the Government’s energy strategy will mean the UK can reduce its dependence on expensive foreign fossil fuels that are helping to drive runaway inflation which has sparked a cost of living crisis.

Mr Johnson will also claim the plan will mean the delivery of eight nuclear reactors “at the pace equivalent to one a year”.

He will also hail plans to “go further and faster” on renewables such as wind, solar and hydrogen, claiming this could mean 95 per cent of electricity in the UK is low carbon by 2030.

Recommended video: Johnson commits funding to Sizewell C nuclear plant to 'get on' with project
Duration 1:18

 


Boris Johnson visits Sizewell C nuclear power station
Daily Mail


Boris Johnson compares nuclear energy investment to buying a new kettle
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Mr Johnson is expected to say: “The big decisions this Government has made on our energy future will bequeath a United Kingdom where energy is cheap, clean, reliable, and plentiful, and made right here on British soil.

“A future where families and businesses are never again at the mercy of international markets or foreign despots.”

When asked if he will sign off Sizewell C in its entirety before he departs next week, Mr Johnson told reporters on Wednesday: “Sadly, you are going to have to wait and contain your excitement on that until later this week.”

The Financial Times reported that the UK Government will take a 20 per cent stake in the project in a bid to give confidence to investors about the country’s commitment to new nuclear power stations.

French state-owned EDF, the project developer, is set to take another 20 per cent stake.

Private funding will be sought for the project estimated to cost £20bn-£30bn, with the Government’s stake costing up to £6bn.

The plant is thought to be critical to the UK’s energy independence amid rising demand on the grid and the threat of Russia limiting gas supplies, with a plan laid out by Mr Johnson in April warning that up to eight new reactors will be needed in the next decade to ensure clean and affordable energy. Sizewell C’s two reactors will provide 3.2 GW of generation capacity – around a 10th of the UK’s average energy demand.

Business Secretary Kwasi Kwarteng, who is tipped to be Liz Truss’s chancellor if she wins the Tory leadership race, is said to be “massively” on board with the plan.

But some within Ms Truss’s camp have raised concerns amid fears a decision by Mr Johnson could tie the hands of his successor.

Development consent for Sizewell C was given the go-ahead by Mr Kwarteng in July, but negotiations over the financial investment decision were ongoing.

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