£38bn Sizewell C Nuclear Plant Gets Green Light
The UK government has officially signed off on the construction of Sizewell C, a £38 billion nuclear power plant in Suffolk that promises to deliver clean electricity for up to six million homes and support 10,000 jobs. After years of delay, the final investment decision marks what Energy Secretary Ed Miliband called “a new golden age of nuclear”, and a major step in the country’s bid to cut ties with global fossil fuel markets and lower energy bills long-term.
Who will finance the construction of the power plant?
The government will hold a 44.9% stake in the project, making it the largest shareholder. Private investors include La Caisse (20%), Centrica (15%), EDF (12.5%), and Amber Infrastructure (7.6%). The National Wealth Fund will also contribute debt financing — its first nuclear investment. Construction costs have soared from the original £20 billion estimate to £38 billion, partly due to inflation and updated risk assessments.
Once it becomes operational in the 2030s, the plant is expected to save £2 billion a year across the energy system. However, during construction households will face a small additional cost of about £1 per month on their energy bills. Critics, including the group Stop Sizewell C, argue the project relies too heavily on taxpayer guarantees and warn that the final bill could rise further.
Still, the supporters of the new power plant say the economic benefits are massive. At its peak, Sizewell C will create thousands of jobs across the UK, including 1,500 apprenticeships, with 70% of construction value going to British businesses. Chancellor Rachel Reeves described the project as a “powerful endorsement” of the UK as a global hub for nuclear energy.
This is the UK's first new nuclear project since 1995, and it signals a shift toward long-term energy security. As older plants are phased out and demand for clean power rises, Sizewell C, along with Hinkley Point C and upcoming small modular reactors, is set to reshape the country’s energy landscape for decades to come.
