Ian Murray: SNP must lift nuclear ban after Sizewell C deal
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This follows French energy giant EDF announcing earlier this month that it would take a 12.5% stake—lower than its previously stated 16.2%.
The total investment, which combines equity funding and debt financing, exceeds the target construction cost. Ministers say this should provide a buffer in the event of cost overruns.
The National Wealth Fund—the Government's investment vehicle—is providing the bulk of the debt finance through a loan of up to £36.6bn.
From autumn, an average of £1 will be added to each household's energy bill per month for the duration of the construction phase.
Once operational in the 2030s, Sizewell C is expected to deliver savings of up to £2 billion a year across the UK's future low-carbon electricity system.
The Government said the plant would generate enough electricity to power the equivalent of six million homes and create around 10,000 jobs.
While energy is largely reserved to the [[UK Government]], the Scottish Government effectively has a veto on new nuclear power developments through planning regulations.
Commenting on the announcement, Mr Murray said: 'The UK Government's deal with EDF to build Sizewell C shows again how Scotland is losing out.
'This deal will bring jobs and investment to the local economy, as well as helping us meet our clear power ambitions.
'The UK Government is driving forward nuclear power in other parts of the UK, but in Scotland the Scottish Government continues to block new nuclear sites.
'That means Scotland is being left behind, missing out on jobs and growth, as well as affordable energy. I urge the Scottish Government again to put Scotland's interests first and drop their ideological objections.'
However, the SNP warned that Scottish energy bill payers would bear the cost if the project overruns again.
They said the statement had been 'snuck out just hours before the Parliament goes into a six-week summer recess'.
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The SNP's energy spokesperson, Graham Leadbitter said: 'Nuclear is extortionate, takes decades to build and the toxic waste is a risk to local communities.
"Scotland's future is in renewables, carbon capture and links to Europe—not more money for white elephants.
'Just months ago, the Labour Government rubbished the £38bn figure for Sizewell C, yet today Ed Miliband snuck out a statement confirming they've lost control of this project before spades are even in the ground.
'To make matters worse, Scots will be left to foot the bill with a levy on energy bills. You simply could not make it up—yet Anas Sarwar and Scottish Labour back this extortionate and wasteful plan that energy-rich Scotland will pay for through the nose.'
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