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Released December 07, 2022 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The proposed Sizewell C nuclear power project in the U.K. is set to become the first nuclear project in more than 30 years to benefit from government funding.
U.K. Chancellor Jeremy Hunt announced the government's support for Sizewell C's construction, subject to final agreement and said: "Since 2010, our renewable energy production has grown faster than any other large country in Europe. We need to go further, with a major acceleration of home-grown technologies like offshore wind, carbon capture and storage, and, above all, nuclear. I can announce that the government will proceed with the new plant at Sizewell C. Subject to final government approvals, the contracts for the initial investment will be signed with relevant parties, including EDF, in the coming weeks."
He added: "This will create 10,000 highly skilled jobs and provide reliable, low-carbon, power to the equivalent of 6 million homes for over 50 years. Our £700 million (US$847 million) investment is the first state backing for a nuclear project in over 30 years and represents the biggest step in our journey to energy independence."
The 3.2-gigawatt (GW) Sizewell C will be a near replica of Hinkley Point C in Somerset, which is currently under construction by French energy major and project developer Électricité de France (EDF) (Paris). It received planning permission this summer and will use two European Pressurized Reactors (EPRs) with a combined generating capacity of 3,200 megawatts (MW). On completion, it will be able to supply around 6 million homes with power--approximately 7% of the U.K.'s electricity demand. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the Hinkley project reports and here for the Sizewell C reports.
A spokesperson from Sizewell C welcomed the news: "We are delighted the Government has reaffirmed its commitment to Sizewell C and look forward to concluding negotiations in the coming weeks. The new power station will strengthen the U.K.'s energy security, lower costs for consumers and help Britain reach Net Zero. It will bring a big economic boost to Suffolk and create thousands of jobs and apprenticeships in nuclear supply chain companies up and down the country."
The U.K. has five generating nuclear power stations, an aging fleet that generates 5.9 gigawatts (GW) of power, roughly 16% of the country's electricity. However, two stations will retire by March 2024, and two others by March 2028. The Hinkley project has suffered delays and cost overruns in recent years. In May, EDF stated that project completion costs were revised upwards in the range of £25-26 billion (US$31.2-32.5 billion). In 2016, the original price was £18 billion (US$22.5 billion). Startup of the first reactor has also been delayed from the original date of 2025 to June 2027. For additional information, see May 31, 2022, article--Costs Rise and Delays Hit U.K.'s Hinkley Point C Nuclear Project.
The Sizewell news was welcomed by the Nuclear Industry Association's chief executive, Tom Greatrex, but he told the media that it will not be enough to meet the proposed clean energy ambitions. "There is a sense of impatience with the time it's taking for decisions to be taken," he told City A.M.. "The current Prime Minister and his two predecessors have all made statements saying that we need more nuclear power, and reaffirming the energy security strategy. But there is a danger that the urgency indicated by that strategy isn't matched by the speed of decision-making to make it happen."
He highlighted the forthcoming closures of four older nuclear plants in the next six years that will result in the loss of nearly 6 GW of power for the U.K. "[The commissioning of] Hinkley Point C and Sizewell C, plus Sizewell B having a lifetime extension would still leave us with less nuclear gigawatts capacity. So, you're not even replacing what we're losing by doing that."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
U.K. Chancellor Jeremy Hunt announced the government's support for Sizewell C's construction, subject to final agreement and said: "Since 2010, our renewable energy production has grown faster than any other large country in Europe. We need to go further, with a major acceleration of home-grown technologies like offshore wind, carbon capture and storage, and, above all, nuclear. I can announce that the government will proceed with the new plant at Sizewell C. Subject to final government approvals, the contracts for the initial investment will be signed with relevant parties, including EDF, in the coming weeks."
He added: "This will create 10,000 highly skilled jobs and provide reliable, low-carbon, power to the equivalent of 6 million homes for over 50 years. Our £700 million (US$847 million) investment is the first state backing for a nuclear project in over 30 years and represents the biggest step in our journey to energy independence."
The 3.2-gigawatt (GW) Sizewell C will be a near replica of Hinkley Point C in Somerset, which is currently under construction by French energy major and project developer Électricité de France (EDF) (Paris). It received planning permission this summer and will use two European Pressurized Reactors (EPRs) with a combined generating capacity of 3,200 megawatts (MW). On completion, it will be able to supply around 6 million homes with power--approximately 7% of the U.K.'s electricity demand. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the Hinkley project reports and here for the Sizewell C reports.
A spokesperson from Sizewell C welcomed the news: "We are delighted the Government has reaffirmed its commitment to Sizewell C and look forward to concluding negotiations in the coming weeks. The new power station will strengthen the U.K.'s energy security, lower costs for consumers and help Britain reach Net Zero. It will bring a big economic boost to Suffolk and create thousands of jobs and apprenticeships in nuclear supply chain companies up and down the country."
The U.K. has five generating nuclear power stations, an aging fleet that generates 5.9 gigawatts (GW) of power, roughly 16% of the country's electricity. However, two stations will retire by March 2024, and two others by March 2028. The Hinkley project has suffered delays and cost overruns in recent years. In May, EDF stated that project completion costs were revised upwards in the range of £25-26 billion (US$31.2-32.5 billion). In 2016, the original price was £18 billion (US$22.5 billion). Startup of the first reactor has also been delayed from the original date of 2025 to June 2027. For additional information, see May 31, 2022, article--Costs Rise and Delays Hit U.K.'s Hinkley Point C Nuclear Project.
The Sizewell news was welcomed by the Nuclear Industry Association's chief executive, Tom Greatrex, but he told the media that it will not be enough to meet the proposed clean energy ambitions. "There is a sense of impatience with the time it's taking for decisions to be taken," he told City A.M.. "The current Prime Minister and his two predecessors have all made statements saying that we need more nuclear power, and reaffirming the energy security strategy. But there is a danger that the urgency indicated by that strategy isn't matched by the speed of decision-making to make it happen."
He highlighted the forthcoming closures of four older nuclear plants in the next six years that will result in the loss of nearly 6 GW of power for the U.K. "[The commissioning of] Hinkley Point C and Sizewell C, plus Sizewell B having a lifetime extension would still leave us with less nuclear gigawatts capacity. So, you're not even replacing what we're losing by doing that."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
