Outgoing prime minister tells next PM to 鈥檊o large and go nuclear鈥�
Boris Johnson has pledged 拢700m to support the development of the proposed Sizewell C nuclear plant.
In a speech yesterday at Sizewell, the outgoing prime minister said he was 鈥渁bsolutely confident鈥� that the plans would get over the line in the next few weeks.
Planning permission for the new facility on the Suffolk coast was granted by business secretary Kwasi Kwarteng earlier this year and the government is set to take a 20% stake in the plant.
Johnson criticised previous governments for their 鈥渟hort-termism鈥� in failing to back nuclear, claiming it had contributed to spiralling energy bills in the aftermath of the Russian invasion of Ukraine in February this year.
鈥淟et鈥檚 think about the future, let鈥檚 think about our kids and our grandchildren, about the next generation,鈥� he said.
鈥淎nd so I say to you, I say go nuclear and go large and go with Sizewell C.鈥�
More on Sizewell C and the government鈥檚 nuclear ambitions
>>> Sizewell C approval faces legal challenge
>>> Seven new nuclear plants and offshore wind expansion expected in energy strategy
>>> EDF starts search for construction boss to build Sizewell C
The recently nationalised French energy giant EDF owns a further 20% stake in the project, which will generate electricity for six million homes for up to 60 years once complete.
Barclays has been tasked with finding investors for the rest of the investment, with pension and infrastructure funds viewed as the most likely candidates.
The facility, which would sit alongside the existing Sizewell B plant, built by Laing Construction in the mid-1990s and slated for closure in 2035, is now expected to cost up to 拢30bn.
The taxpayer contribution to that is expected to be around 拢6bn, which the Department for Business, Energy and Industrial Strategy estimates will add an extra 拢1 per month to household bills 鈥� although research by the University of Greenwich business school said it could be more than double this amount.
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