The Government has delayed making a decision on whether to approve a new nuclear power station at Sizewell in Suffolk, following political turmoil in Westminster.
A delayed decision was expected today, but has been pushed back to July 20 by Business Secretary Kwasi Kwarteng.
This follows Prime Minister Boris Johnson announcing his resignation from office earlier today, after a two-day political power struggle at Downing Street.
The Government also delayed making a call on whether to open a new deep coal mine in Cumbria, which would have been the first in three decades.
Sizewell C is a proposed 3.2GW two-reactor nuclear power plant, which is being overseen by EDF.
The French energy giant believes it could power six million homes.
It is intended to be the next power plant in the country’s ‘big new bet’ on nuclear after Hinkley Point C – which is currently under construction.
Last month, plant was selected by the Government as a candidate for public funding under the regulated asset base model, which is part of the nuclear financing bill.
Earlier this year, Kwarteng unveiled the UK’s supply security strategy, which included a pledge to boost nuclear energy generation from 7GW to 24GW over the next three decades.
Nevertheless, Sizewell C has faced criticisms of potential costs – with estimates for the plant varying from £20-35bn.
City A.M. covered the proposed construction of Sizewell C earlier this year, where the plant’s head of financing Julia Pyke argued the long-term dividends such as supply security overpowered issues such as costs and disruption.
She said: “To me this is a bit like: Was the 1858 sewerage system late and over budget? Yes, it was. Do you wish London didn’t have a sewage system? No, you don’t. Was the London Underground in Victorian era built late and over budget? Yes, it was. Do you wish you didn’t have the Circle Line? No, you don’t. So, there’s a lack of proportionality in the way that people look at the cost of these mega projects.”