Sizewell C Nuclear Project Gets Green Light with £38bn Price Tag and Household Bill Hike
Government Signs Off on Sizewell C: £38 Billion, 10,000 Jobs, and a Big Bet on Nuclear
Here’s a number to make your jaw drop: £38 billion. That’s what the UK government has signed up to spend on Sizewell C, a massive nuclear power plant in Suffolk. Energy Secretary Ed Miliband officially put pen to paper, launching what will be the country’s biggest nuclear project in years. Remember Hinkley Point C? That project was supposed to cost £20 billion—now it looks like child’s play next to this.
Who’s paying for all this? The government will actually be the biggest shareholder, scooping up nearly 45% of the pie. The other investors might sound familiar: French power giant EDF (12.5%), British firm Centrica (15%), Canadian investment powerhouse La Caisse (20%), and Amber Infrastructure (7.6%). Most of the money—£36.6 billion of it—is coming as a whopping loan from the National Wealth Fund. The trick here is the Regulated Asset Base, or RAB, model. This means that most of us will help pay for it, no matter where we live. Starting this autumn, your electricity bill will jump by about £12 a year. Whether you’re a fan of nuclear energy or not, you’re going to help foot the bill.
Promises of Jobs, Savings, and a Shot at ‘Greenest Project Ever’
The plan is bold. By the time Sizewell C is up and running in about a decade, it’s supposed to supply enough clean energy for six million homes. During peak construction, the site will be a jobs machine, keeping 10,000 people working. And because the team is reusing the design and lessons from Hinkley Point C, they say they’ll cut costs by 20% this time. The Nuclear Industry Association has already started calling it the greenest single project in UK history, with eyes on slashing the country’s dependence on gas and shrinking those nagging carbon emissions.
But here’s where it gets tricky. That RAB model spreading costs to households isn’t popular with everyone. Some are worried bills could shoot even higher if there are any setbacks—something that’s not unheard of with huge infrastructure projects. Cost overruns sent Hinkley Point’s budget soaring, so there’s anxiety Sizewell C could run the same course. Yet, supporters argue the long-game is worth it: better energy security, big job numbers, and leading the global race for clean, stable electricity.
In the end, Sizewell C is a huge gamble and a massive statement about how the UK plans to power its future. Whether it becomes a triumph or a cautionary tale, everyone in Britain will be along for the ride—right there on their next energy bill.