UK approves Sizewell C nuclear plant after La Caisse investment
energy security
goals.
The government, the largest shareholder in the project, said Sizewell C, in eastern England, will cost around £38 billion ($51 billion) to construct.
The project will also be funded by Canadian pension fund La Caisse, British Gas owner Centrica,
Amber Infrastructure
and French energy giant EDF.
"It is time to do big things and build big projects in this country again," Energy Secretary Ed Miliband said in a statement. "Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," he added.
The plant, which has been in financial limbo for over a decade, is not expected to start generating electricity until the 2030s.
The projected construction cost of £38 billion exceeds previous official estimates of £20 to £30 billion - and campaigners have warned that further cost overruns or delays could impact households.
The final investment decision gives the government a 44.9 per cent stake in the project. Among the new investors in Sizewell C, La Caisse holds a 20 per cent stake, Centrica 15 per cent and investment manager Amber Infrastructure an "initial" 7.6 per cent.
EDF announced earlier this month that it will take a 12.5 per cent stake in the project - down from 16.2 per cent ownership the end of 2024.
The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations.
Prime Minister Keir Starmer's government has also pledged by 2035 to reduce UK greenhouse gas emissions by 81 per cent on 1990 levels, under plans to reach net-zero by 2050.
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Words and deeds However, the biggest issue before Mr. Yunus is the disjuncture between his remarks and the reality when it comes to holding elections. In his speeches on Id in June as well as on August 5, he promised to hold 'inclusive elections that will be the largest in the history of Bangladesh'. Yet, it is clear that the next election will not have participation from the Awami League, which has been banned. Mr. Yunus has repeatedly attacked the Awami League and Ms. Hasina as 'defeated fascist forces'. On August 5, he blamed Ms. Hasina for jeopardising the country's financial health. In turn, the Awami League described Mr. Yunus as a 'razakar', a derogatory term used to describe collaborators of Pakistan who attacked Bengalis in 1971. This anti-Hasina approach has defined much of the promises of justice that Mr. Yunus has made. One of the crucial developments of the past year under Mr. Yunus has been the reconstitution of the International Crimes Tribunal (ICT) in Dhaka. The ICT, which was originally constituted by the Hasina government in 2010, has now turned against the former Prime Minister and issued arrest warrants against her. Mr. Yunus has accused Ms. Hasina of holding successive rigged elections by excluding major parties. But by excluding the Awami League from the coming elections, Mr. Yunus's legacy may end up with the same shortcoming.
