Latest news with #DepartmentforEnergySecurity&NetZero
ITV News
22-07-2025
- Business
- ITV News
Sizewell C: Investors sign deal for Suffolk nuclear plant as £38billion cost confirmed
The Sizewell C nuclear power plant will cost around £38 billion, the government has announced, as it struck a deal with a group of investors. The Department for Energy Security & Net Zero said Energy Secretary Ed Miliband had signed the final investment decision for the development. The government will become the biggest equity shareholder in the project with a 44.9% stake. New Sizewell C investors include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%, while it was announced earlier this month French energy giant EDF was taking a 12.5% stake. The final deal clinches the investment needed to deliver the long-awaited nuclear plant since it was first earmarked for development in 2010. Sizewell C will power the equivalent of six million homes and create some 10,000 jobs once it is operational, which is expected to be in the 2030s. The plans have faced strong opposition for decades by campaign groups concerned about the impact on the local environment and public spending costs. The plant's construction was forecast to be about £20 billion by developer EDF five years ago - a figure which has now almost doubled. Reacting to the investment announcement, Alison Downes, Stop Sizewell C, said: 'This much-delayed Final Investment Decision has only crawled over the line thanks to guarantees that the public purse, not private investors, will carry the can for the inevitable cost overruns. "Even so, UK households will soon be hit with a new Sizewell C construction tax on their energy bills. "It is astounding that it is only now, as contracts are being signed, that the government has confessed that Sizewell C's cost has almost doubled to an eye watering £38 billion - a figure that will only go up." Mr Miliband said: 'It is time to do big things and build big projects in this country again – and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come. 'This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good."
Western Telegraph
22-07-2025
- Business
- Western Telegraph
Sizewell C nuclear power plant construction to cost £38bn as investors sign deal
The Department for Energy Security & Net Zero (DESNZ) said Energy Secretary Ed Miliband had signed the final investment decision for the development. The Government will become the biggest equity shareholder in the project with a 44.9% stake. New Sizewell C investors include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%. It comes alongside French energy giant EDF announcing earlier this month it was taking a 12.5% stake – lower than its previously stated 16.2% ownership. Mr Miliband said: 'It is time to do big things and build big projects in this country again – and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come. 'This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.'
Scottish Sun
08-07-2025
- Automotive
- Scottish Sun
Petrol rockets to highest price in MONTHS with fears it could hit 150p per litre
We've explained how to find the cheapest forecourts in your area PUMP UP Petrol rockets to highest price in MONTHS with fears it could hit 150p per litre Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) PETROL prices in the UK have jumped to their highest level since April, sparking fears they could climb even higher. The average petrol price at the pump is now 133.19p per litre, up from 132.95p in June, according to the Department for Energy Security & Net Zero. Sign up for Scottish Sun newsletter Sign up 1 Websites like can help you find the cheapest petrol stations near you Credit: Getty Diesel prices have also risen to 140.58p per litre, up from 140.26p last month - the highest level since April 28. Experts warn that escalating conflict in the Middle East could push prices even higher, with some predicting petrol could hit 150p per litre. Tensions between Israel and Iran, along with US military action in the region, have already caused the price of crude oil to spike. After reaching nearly $79 a barrel in late June, oil prices now sit just under $70. However, further unrest could see the cost soar again. Tony Redondo, who runs Cosmos Currency Exchange, says petrol prices could shoot up if oil hits $100 a barrel. He explained that oil prices have already gone up by 3% in the last two weeks because of trouble in the Middle East and shops charging more to cover their costs. "There is also speculation that fuel duty may be increased for the first time since 2011 in October's budget, even though taxes already account for 60% of petrol prices at the pump. "Prices could rise to 150 per litre if oil prices rocket to $100 if the Iran-Israel conflict reignites or Iran closes the Straits of Hormuz," he added. However, Samuel Mather-Holgate, an Independent Financial Adviser at Mather and Murray Financial, pointed to potential US motives behind higher oil prices. He said President Donald Trump might want oil prices to stay high to help US oil companies produce more. But he warned this could make things more expensive overall and push up interest rates. He said: "Trump may want prices to stay higher for longer to incentivise US oil giants to 'drill baby drill', but he won't like the effect on inflation this causes. "Higher inflation means higher interest rates, so the possibility that filling up your tank may only be more expensive for a short period will be welcomed by most." For now, drivers are feeling the pinch at the pump, but we've shared some tips below to help you save money. Warning over petrol station mistake which can cost £1,000s How can I find the cheapest petrol stations? Websites like can help you find the cheapest petrol stations near you. The site covers over 3,800 petrol stations using CMA data, providing daily price updates for unleaded, diesel, super unleaded, and premium diesel. To use it, simply register, enter your postcode, choose how far you're willing to travel (up to 20 miles), and select your fuel type. Keep in mind, you can only search the website five times a day, but downloading the app gives you unlimited searches. Your savings will depend on how often you fill up, which varies based on how frequently you use your car. Prices also differ by location and change week to week, so it's always worth checking to make sure you're getting the best deal. isn't the only option for comparing fuel costs. Fleet News and Allstar also offer tools to check petrol prices across different counties, letting you see how your area compares to the UK average. Plus, has a petrol price checker for registered users, allowing them to find fuel prices within a 5, 10, or 25-mile radius.
Scotsman
28-05-2025
- Business
- Scotsman
Gregor Poynton MP receives UK Government response on Selms Muir Hydrogen Project backing
Gregor Poynton, MP for the Livingston constituency, has received a positive response from the Government following his letter backing the Selms Muir Hydrogen Project for selection in the Second Hydrogen Allocation Round (HAR2) Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... In a response dated 16 May 2025, Sarah Jones MP, Minister of State for Industry at the Department for Energy Security & Net Zero, thanked Mr. Poynton for writing in support of the project and confirmed the Government's continued engagement during the next stage of the HAR2 process. The Minister outlined that HAR2 is a highly competitive round, with 87 initial applications competing for support, of which only 27 projects across England, Scotland and Wales have been shortlisted. The selection process has focused on project deliverability, portfolio diversity and value-for-money factors, with particular consideration given to cost, scale, location and supply to hard-to-abate sectors. Advertisement Hide Ad Advertisement Hide Ad Commenting on the Government's response, Gregor Poynton MP said: "I'm pleased to receive this positive response from Minister Sarah Jones MP regarding the Selms Muir Hydrogen Project. While the competition is fierce with 87 applications for just 27 shortlisted projects, I'm continuing to make the case to Ministers for this tremendous local project. Gregor Poynton MP is backing UK Government investment in the Livingston constituency. "The Selms Muir project represents exactly the kind of innovative, green technology investment that West Lothian needs. With its potential to produce six tonnes of low-carbon hydrogen daily and support decarbonisation across West Lothian's transport and industry sectors, this project could bring significant jobs and investment to our constituency. "I welcome the Government's recognition of hydrogen's key role in delivering our Clean Energy Superpower mission and net zero commitments. I'll continue advocating strongly for Selms Muir throughout the process, as I believe this project demonstrates the deliverability, value for money, and strategic importance that the Government is looking for." The Selms Muir Hydrogen Project, a partnership between hydrogen developer Hygen and renewable energy leader European Energy, will deliver a 20MW electrolyser hub co-located with the Selms Muir Solar Farm. The project has the potential to power buses, construction equipment, and heavy vehicles across West Lothian, supporting the UK's ambitious goal of 10GW of low-carbon hydrogen production by 2030. The project is now undergoing the due diligence and cost assessment phase, where projects must continue to demonstrate deliverability, affordability, and value for money throughout the process.
Daily Record
28-05-2025
- Business
- Daily Record
'Positive response' from Minister to Livingston MP's letter of support for hydrogen project
Competition is fierce with 87 applications but just 27 shortlisted Livingston's MP received a 'positive response' from the Minister of State for Industry to a letter he sent backing the Selms Muir Hydrogen Project. The project was one of 87 applications to the UK Government for selection in the Second Hydrogen Allocation Round (HAR2). From those only 27 projects across the UK are shortlisted. Gregor Poynton MP received a response from Industry Minister, Sarah Jones MP at the Department for Energy Security & Net Zero, thanking him for writing in support of the Livingston project and confirming continued engagement during the next stage of the HAR2 process. The Minister outlined that HAR2 is a highly competitive round, with 87 initial applications competing for support, of which only 27 projects across England, Scotland and Wales have been shortlisted. The selection process has focused on project deliverability, portfolio diversity and value-for-money factors, with particular consideration given to cost, scale, location and supply to hard-to-abate sectors. The Selms Muir Hydrogen Project, a partnership between hydrogen developer Hygen and renewable energy leader European Energy, will deliver a 20MW electrolyser hub co-located with the Selms Muir Solar Farm. The project has the potential to power buses, construction equipment, and heavy vehicles across West Lothian, supporting the UK's ambitious goal of 10GW of low-carbon hydrogen production by 2030. Gregor Poynton MP said: 'I'm pleased to receive this positive response from Minister Sarah Jones MP regarding the Selms Muir Hydrogen Project. While the competition is fierce with 87 applications for just 27 shortlisted projects, I'm continuing to make the case to Ministers for this tremendous local project. 'The Selms Muir project represents exactly the kind of innovative, green technology investment that West Lothian needs. With its potential to produce six tonnes of low-carbon hydrogen daily and support decarbonisation across West Lothian's transport and industry sectors, this project could bring significant jobs and investment to our constituency. 'I welcome the government's recognition of hydrogen's key role in delivering our Clean Energy Superpower mission and net zero commitments. I'll continue advocating strongly for Selms Muir throughout the process, as I believe this project demonstrates the deliverability, value for money, and strategic importance that the government is looking for.' The Selms Muir Hydrogen Project is now undergoing the due diligence and cost assessment phase, where projects must continue to demonstrate deliverability, affordability, and value for money throughout the process.
