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Metro
a day ago
- Business
- Metro
Boost of £14,200,000,000 for new nuclear power plant 'will lead to lower bills'
A new nuclear power station on the east coast of England will be given a £14.2 billion boost to finally get it off the ground. Sizewell C in Suffolk has been mooted as the site of a new facility since at least 2009, when Ed Miliband identified it in his role as the Energy Secretary in the previous Labour government. A decade and a half later, after returning to the same role, Miliband has secured funding from Chancellor Rachel Reeves as part of her major spending review. He said the move would lead to 'lower bills and good jobs for energy security'. The new power station at Sizewell would help fill the gaps left as all the UK's existing nuclear plants, except Sizewell B, are gradually phased out by the mid-2030s. Miliband said: 'We will not accept the status quo of failing to invest in the future and energy insecurity for our country. Craig Munro breaks down Westminster chaos into easy to follow insight, walking you through what the latest policies mean to you. Sign up here. '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.' Sizewell C is described as a 'sister project' to Hinkley Point C in Somerset, which is currently under construction and is set to become the first new nuclear power station in the UK since 1995. However, building work at Hinkley Point is far behind schedule and the budget for the project has ballooned massively since it began in 2017. It is now expected to become operational around 2030. Like Hinkley Point C, it is expected that Sizewell C will be jointly owned by the British government and French energy giant EDF. Campaign groups have said the construction of the new facility would have a 'devastating impact' on its stretch of the Suffolk coast, which is susceptible to erosion. It is set to be built on a platform seven metres above sea level to protect it from the sea as it rises due to climate change. The Labour government has also backed the development of small modular reactors to supply nuclear-sourced power to millions of homes and power-hungry sites like AI data centres. More Trending Once all these projects are in operation, they will 'deliver more new nuclear to grid than over the previous half century combined', according to the Department for Energy Security and Net Zero. Reeves, who will announce the Sizewell C funding later today at the GMB Union Congress, said: 'Today we are once again investing in Britain's renewal, with the biggest nuclear building programme in a generation. 'This landmark decision is our Plan for Change in action. 'We are creating thousands of jobs, kickstarting economic growth and putting more money people's pockets.' Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Government finally reveals who will get winter fuel payout after U-turn MORE: New solar panels 'could cut people's bills by £530 per year' MORE: Universal digital 'BritCards' on an app could soon be used to prove who you are
Reuters
30-04-2025
- Business
- Reuters
EDF's incoming chief pledges to focus on domestic nuclear sector
Summary EDF to prioritise domestic issues over international projects Fontana seeks "room for manoeuvre" in contract talks Window of opportunity open to sign contracts with industrial clients PARIS, April 30 (Reuters) - Bernard Fontana won parliamentary approval to be the next CEO of French state-owned utility EDF in a vote on Wednesday, after telling lawmakers he would prioritise domestic nuclear projects and supplying cheap power to industry. Fontana was nominated for the role of chief executive in March after President Emmanuel Macron's government lost patience with former chief Luc Remont due to differences over how to provide power and build new capital-intensive reactors. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. A combined vote of both houses of parliament approved Fontana's appointment as CEO by 55 to 43, with an overwhelming National Assembly vote in favour outweighing a rejection by the senate. The final step to confirm his new role will be a vote of EDF's board. A priority for Fontana, currently boss of nuclear engineering company Framatome, an EDF subsidiary, will be striking new deals with EDF's major industrial clients after months of inconclusive talks over long-term power supplies. EDF's failure to agree contracts with businesses under Remont had frustrated the government, which is trying to support an ailing industrial sector struggling with high energy prices and intense competition from China and elsewhere. Fontana had earlier told Senators said that he aimed to agree long-term contracts with industry clients of 40 terawatt hours (TWh) per year, and that EDF should target total nuclear production of 400 TWh per year by 2030, from around 360 TWh now. "We need to find room for manoeuvre, and I think it exists," Fontana said of the contracts, adding there was a need to move quickly to give companies a "window of opportunity" for further negotiation. The price of electricity for delivery in 2026 has fallen below energy regulator CRE's estimated operational cost for EDF's nuclear reactors - an additional hurdle in negotiations. France relies on nuclear energy for about 70% of its power, and last year produced a record surplus for export. With prior roles at steelmaker Arcelor Mittal and cement company Holcim, Fontana, 64, has experience of energy-intensive operations that have been hit by soaring European energy prices. He will also oversee construction of six new nuclear reactors backed by Macron to replace the country's ageing fleet. Fontana said that would require a focus on domestic projects. EDF is currently developing two nuclear reactors in Britain, Hinkley Point C and Sizewell C, and has previously stated ambitions to develop a Europe-wide supply chain for projects elsewhere. "It will be necessary to prioritise investments in France ... and pay attention to the profitability of international commitments," he told lawmakers.
Telegraph
21-03-2025
- Business
- Telegraph
Macron ousts EDF boss accused of giving French industry ‘the middle finger'
Emmanuel Macron has ousted the boss of the state-run EDF after French industrialists revolted over its high electricity prices. Luc Rémont is to be replaced in a surprise reshuffling of the company's top ranks, Mr Macron's office said on Friday. Mr Rémont has run the the state-owned energy giant since November 2022. The shake-up follows an outcry over the high energy prices EDF is poised to charge factories. Benoît Bazin, the boss of building materials giant Saint-Gobain, had accused EDF of 'giving the middle finger to French industry' by increasing prices. Rules that force EDF to sell energy to major industrialists at below-market prices are set to expire at the end of the year and the generator had announced plans to raise its prices. Industry group Uniden, which represents dozens of France's biggest manufacturers including Renault and steelmaker ArcelorMittal, claimed EDF was 'deliberately turning its back' on French businesses at a time when manufacturers were 'exposed to unprecedented non-European competition that threatens the very survival of many sites'. The row is embarrassing for Mr Macron, who had pledged to 'take back control of electricity prices' and who sees cheap electricity as a way of securing the French economy. Two years ago, he fully nationalised EDF by buying the 16pc of the company the government did not already own. The shake-up comes days after the Macron administration said it had agreed state financing for six new nuclear reactors to be built by EDF over the coming decades. Anger over high industrial energy prices is rising in the UK too. UK factories pay 50pc more for electricity than rivals in France and Germany, and four times as much as American plants. High prices have been blamed on net zero and slow-moving plans to expand nuclear power. Warnings from industrialists that net zero energy policies are damaging the economy have fallen on deaf ears. Ed Miliband, the Energy Secretary, said this week the UK Government was 'absolutely up for the fight' over net zero. EDF is one of the largest players in the UK nuclear power market, after buying three formerly nationalised regional electricity boards and the nuclear operator British Energy. It is currently building the UK's first new nuclear power station for over 20 years, Hinkley Point C, and plans to embark on the construction of another, Sizewell C. But in January, the future of this new project was thrown into doubt after the French state auditor warned it against embarking on risky new foreign projects.
Associated Press
05-03-2025
- Business
- Associated Press
Amentum to Deliver Program and Project Management for New UK Nuclear Power Station
Amentum (NYSE: AMTM) has been selected as sole program and project management delivery partner for Sizewell C, a new nuclear power station that will strengthen the United Kingdom's energy security. 'Sizewell C's always-on nuclear electricity will boost UK energy security at a time of volatile global gas prices, leading to lower and more predictable energy costs,' said Andy White, Senior Vice President of Amentum Energy & Environment International. 'Our international program management experience and the learning from our work at Hinkley Point C will help to advance a project which is crucial for job creation and economic growth across the country.' As well as program and project management, Amentum will also support delivery teams from Sizewell C Ltd with digitally aligned project controls, engineering and technical services, and innovative infrastructure solutions for site management. The contract duration extends until the station begins generating electricity and will create hundreds of new jobs in the UK. Nigel Cann, Joint Managing Director of Sizewell C, said: 'Amentum's global program management capabilities and international nuclear new build experience will help us deliver the game-changing benefits and cost savings of replicating Hinkley Point C's reactor design, while supporting our commitment to creating jobs and skills in the UK and maintaining the national capability essential for the nuclear renaissance.' Mark Whitney, President of Amentum Energy & Environment, said: 'Our nuclear new build program management experience in the UK and elsewhere, together with our deep technical advisory capability, means that Amentum is well positioned at the forefront of the nuclear renaissance.' Sizewell C Ltd is 76% owned by the UK Government, which has pledged investment totaling $3.2 billion (£2.5 billion). The station, on the East Suffolk coast in England, will have two 1.6 gigawatt EPR reactors capable of supplying electricity to six million homes while avoiding about nine million metric tons of carbon emissions each year. The project will support 70,000 jobs among more than 3,000 companies in the UK's nuclear and construction supply chains. About Amentum Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, inclusion and well-being are integral to success. Headquartered in Chantilly, Virginia, we have more than 53,000 employees in approximately 80 countries across all 7 continents. Visit us at to learn how we advance the future together. Follow @Amentum_corp on X Forward-Looking Statements This press release contains or incorporates by reference statements by Amentum Holdings, Inc. (the 'Company') that relate to future events and expectations and, as such, constitute 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements may be characterized by terminology such as 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'forecast,' 'outlook,' 'target,' 'endeavor,' 'seek,' 'predict,' 'intend,' 'strategy,' 'plan,' 'may,' 'could,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding the anticipated work and revenue under the awarded contract, and the Company's objectives, expectations and intentions, applicable legal, economic and regulatory conditions, and any assumptions underlying any of the foregoing, are forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in or implied by these forward-looking statements, including those factors discussed in our filings with the Securities and Exchange Commission (SEC), including, among others: the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules; and other factors set forth under Item 1A, Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024, which can be found at the SEC's website at or the Investor Relations portion of our website at Any forward-looking statement speaks only as of the date on which it is made, and the Company assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Stephen Brauner +44.7875.877120 [email protected] Contact: Nathan Rutledge SOURCE: Amentum Copyright Business Wire 2025. PUB: 03/05/2025 08:15 AM/DISC: 03/05/2025 08:15 AM
