UK has allocated 134 million U.S. dollars for the construction of the new Sizewell C nuclear power plant in Suffolk in a bid to insulate the country against rising global energy prices.
UK Business and Energy Secretary, Kwasi Kwarteng, made the statement.
He added that “in light of high global gas prices, we need to ensure Britain’s future energy supply is bolstered by reliable, affordable, low carbon power that is generated in this country.”
Kwarteng said Sizewell C, a replica of Hinkley Point C in Somerset, is expected to produce 3.2 GW of low carbon electricity powering nearly six million homes and creating around 10,000 jobs in Suffolk and across the UK.
He said the project would also be financed by private investors and built by UK-French energy company EDF Energy.
EDF CEO Simone Rossi added that “we are very pleased that the government is showing its confidence in Sizewell C which, if approved, will lower energy costs for consumers and help to insulate the UK from global gas prices.
“Together with our own investment, these funds will allow us to continue to move the project towards a financial investment decision.”
Consultations on the Sizewell C project started in 2012 with EDF filing its planning application in late June last year.
The project is a part of the UK initiative to eliminate carbon emissions by 2050.