Latest news with #JuliaPyke
Yahoo
24-07-2025
- Business
- Yahoo
UK approves £38bn Sizewell C nuclear power plant in Suffolk
The UK government has finalised its investment decision for the £38bn ($51.4bn) Sizewell C nuclear power plant in Suffolk, England. The project is expected to generate clean energy for six million homes and create 10,000 jobs once operational. The approval of Sizewell C marks a strategic move to secure Britain's nuclear energy supply beyond 2030, aligning with the government's objective to reduce dependency on fossil fuels. Sizewell C is projected to provide affordable clean electricity for at least 60 years. Analysis indicates potential savings of £2bn annually in the future low-carbon electricity system, benefiting consumers with reduced energy costs. The project is also set to stimulate economic growth, with 10,000 direct jobs generated at peak construction and thousands more in the supply chain. Additionally, 1,500 apprenticeships will be created, and 70% of the construction value is expected to be awarded to British businesses, with Sizewell C planning to engage 3,500 UK companies nationwide. UK Secretary of State for Energy Security and Net Zero Ed 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.' The government will initially hold a 44.9% stake, becoming the largest equity shareholder, ensuring public benefit from the investment. Other shareholders will include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with 7.6%. EDF, a French energy company, has a 12.5% stake, supported by a proposed £5bn debt guarantee from France's Bpifrance Assurance Export. The National Wealth Fund, the UK government's main investor, is making its first investment in nuclear energy, providing most of the project's debt finance alongside Bpifrance. The investment strategy for Sizewell C draws on lessons from Hinkley Point C, offering a funding model that distributes the £38bn construction cost among consumers, taxpayers, and private investors. This approach reportedly results in a 20% cost saving compared to Hinkley Point C. British citizens will co-own the plant with private partners, ensuring minimal impact on consumer bills, averaging around £1 per month during construction, with the plant seemingly delivering cheaper clean energy once operational. Sizewell C joint managing directors Julia Pyke and Nigel Cann said: 'We're delighted to welcome new investors alongside government and EDF who, like our suppliers, have strong incentives to keep costs under control and ensure we deliver Sizewell C successfully for consumers and taxpayers. 'By investing in Sizewell C, they are laying the foundations for a more secure, cleaner and more affordable energy system. 'Because 70% of our construction spend will be in the UK, with a £4.4bn commitment to the east of England, they will also help to create thousands of great jobs and new opportunities for people and businesses up and down the country.' "UK approves £38bn Sizewell C nuclear power plant in Suffolk" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
ME Construction
24-07-2025
- Business
- ME Construction
Sizewell C nuclear power station receives final investment decision
Energy Sizewell C nuclear power station receives final investment decision By Some 70% of the value of the construction project is expected to be awarded to British business, according to the Department for Energy Security and Net Zero Sizewell C, a new nuclear power station under development on the Suffolk coast in England, has received its final investment decision from the British government. The move is said to mark a significant milestone in the UK's energy sector. The decision unlocks the investment in clean, homegrown energy in a generation, paving the way for the delivery of secure, affordable, and low-carbon electricity to the nation. The UK has not had a new nuclear plant since 1995, and all existing nuclear plants, except for Sizewell B, are expected to be phased out by the early 2030s. This decision is a world-first for the industry, as it also enables financing for British nuclear energy by adopting the Regulated Asset Base model. This model combines public investment and private capital to support the project, said a report. Once operational, Sizewell C will provide electricity to six million homes for at least 60 years. It is projected to generate electricity system savings of US $2.70bn annually once operational. The project's capital cost is estimated to be around $51.38bn (2024 prices). Around 70% of the project's spend is expected to go to UK companies. The agreement includes incentives for investors, contractors, and project managers to deliver the project on time and at the lowest possible cost. The figure includes contingencies and excludes potential cost offsets from asset sales or other opportunities. Sizewell C also benefits from the experience gained from its sister plant, Hinkley Point C, where construction of elements of the second unit has been running 50% faster than the first. The lessons learned from Hinkley will be directly applied to Sizewell C. The government has confirmed its commitment to becoming the single largest equity shareholder in the project, taking an initial 44.9% stake. This means the British people will directly benefit from the government's investment in Sizewell C. The new shareholders include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%. EDF has taken a 12.5% stake in the project, as announced earlier this month. Julia Pyke, Joint Managing Director of Sizewell C said, 'Sizewell C will cost consumers around $1.35 per month as an average over the duration of construction. Once operational, the project could lead to savings of $2.70bn a year across the electricity system. Our plan is to deliver Sizewell C at a capital cost of around $51.50bn. Our estimate is the result of very detailed scrutiny of costs at Hinkley Point C and long negotiations with our suppliers. It has been subject to third-party peer review and has been scrutinised by investors and lenders and has been subject to extensive due diligence as part of the financing process. A capital cost of $51.50bn represents around 20% saving compared with Hinkley Point C and demonstrates the value of the UK's fleet approach.' Nigel Cann, Joint Managing Director of Sizewell C added, 'Any infrastructure project of this scale will face risks and potentially disruptive events outside of its control, as well as opportunities to reduce costs. Our supply chain is strongly incentivised to keep costs down and our investors will lose potential revenue if there are overruns.' Construction is already underway on the site in Suffolk, with over $446mn in contracts signed with local businesses. At its peak, the project will directly support 10,000 jobs with up to 60,000 more in the supply chain, and it will create 1,500 apprenticeships. Sizewell C marks a significant step in building a fleet of large and small nuclear plants across the country, and complements Britain's growing portfolio of renewables and clean energy technologies.
BBC News
23-07-2025
- Business
- BBC News
New drawings of Sizewell C's education complex in Leiston emerge
New details about an education complex which is being built by Sizewell C have emerged ahead of a public to planning permission, College on the Coast will include a permanent post-16 facility and apprentice hub and be located in Leiston, near where the power plant is due to be campus is being delivered in partnership with Suffolk New College and hopes to welcome its first students from Pyke, Sizewell C's joint managing director, believes the new facility will help people "who have faced real barriers" access education. "Building an education campus right here in this town will be life-changing for thousands of local people," she added."This is the start of an exciting new chapter for Leiston and the wider region." According to those behind the project, the site will deliver technical, vocational, and academic pathways "aligned to the workforce needs of Sizewell C and the wider energy, infrastructure, and engineering sectors".If approved, it will take shape as a two-storey building facing King George's Avenue with space for 150 students and 20 full-time staff. Alan Pease, principal and chief executive officer at Suffolk New College, said: "We are delighted to announce the location and design of our new Leiston training centre."This news further extends our commitment to support those living in the east of the county and builds on the work that we have achieved." The new details about the campus are being shared a day after it was revealed the cost of building the Sizewell C nuclear power plant had jumped to £38bn from £ will mean an additional £1 will be added to household energy bills every month for at least a Pyke said earlier estimates did not account for inflation or Alison Downes, director of pressure group Stop Sizewell C, said the project had "only crawled over the line thanks to guarantees that the public purse, not private investors, will carry the can for the inevitable cost overruns".She added: "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 £38bn - a figure that will only go up." Follow Suffolk news on BBC Sounds, Facebook, Instagram and X.
Rhyl Journal
10-06-2025
- Business
- Rhyl Journal
Reeves signs off on £14bn to build new nuclear plant Sizewell C
The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government is also due to confirm one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.'
Leader Live
10-06-2025
- Business
- Leader Live
Reeves signs off on £14bn to build new nuclear plant Sizewell C
The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government is also due to confirm one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.'
