Sizewell C - right (Photo: EDF)

The UK government on Tuesday, July 22, signed a deal worth more than 38 billion pounds ($51 billion) with private investors to build of the new Sizewell C nuclear power plant. About it says on the government's website.

In 2022, the cost of the project was estimated at 20 billion pounds.

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Under the new agreement, the British government will become the largest shareholder with a 44.9% stake. The Canadian pension fund La Caisse will receive 20%, while the British energy company Centrica PLC and investment manager Amber Infrastructure Group will receive 15% and 7.6%, respectively.

The French energy company Electricite de France (EDF), which is already involved in the project, retains a 12.5% stake.

Sizewell C in Suffolk will be only the second new nuclear power plant to be built in the UK in the last 20 years. When commissioned, it is expected to supply electricity to around 6 million homes and create around 10,000 jobs at the peak of construction.

The Sizewell C NPP will be built next to the operating Sizewell B NPP and the Sizewell A NPP, which was closed at the beginning of the century.

Sizewell C is a replica of another nuclear power plant that EDF is building in the UK, Hinkley Point C in Somerset. Its construction has been repeatedly postponed, in part due to disruptions caused by the COVID-19 pandemic. This project may not be completed until 2030, and its cost has more than doubled to more than 40 billion pounds.

The developers promise that Sizewell C can be built faster and cheaper than its predecessor. According to the British government, if the project is implemented for the 38 billion pounds announced today, it will be about 20% cheaper than Hinkley.

  • As of 2025, the UK has five nuclear reactors at four sites with a total capacity of 5.9 GW. They provide 15-16% of the country's electricity, but most of the existing reactors are scheduled to be decommissioned by the end of the decade.
  • They are being replaced by Hinkley Point C with a capacity of 3.2 GW, and the planned capacity of Sizewell C is 3.2 GW.
  • In addition, the UK plans to launch small modular reactors (SMRs). The main partner for their construction is the government of has chosen Rolls-Royce SMR.