Julia Pyke, Financial Director, Sizewell C
Keeping Consumer Costs Down
The focus on energy for many people is price. As gas prices continue to boom, fuel poverty becomes more common. Whilst renewable energy such as wind absolutely has a place in the market. Julia was clear on the advantages that Nuclear brings. The reliability of Nuclear means prices stay consistent, the fluctuation of wind energy brings prices up and importing energy from weather-dependent sources is risky which again inflates prices. A resurgence of Nuclear means lower energy costs for everyone.
Sizewell C will produce 7% of the national required energy to the grid (3.2 megawatts). Sizewell C is built off of imported designs which will need to be adjusted to fit British Regulatory standards but this again will lower costs as design benefits and proven technology is used, again bringing risk down further and lowering costs as a direct result.
Boosting the Local Economy
As well as saving money for the wider population. The development of Sizewell C brings with it a pledge of £4 billion to the East of England’s economy. Sizewell C aims to have one third of its workforce made up of the local population and will work with Suffolk Further Education institutions to develop apprenticeships for young people to grab the opportunity of developing their skills and eventually fulltime employment within the plant. Sizewell C has a life expectancy of 60 years meaning the opportunity of generational employment will provide jobs consistently over the next few decades.
With Net-Zero a clear government target, the need for nuclear energy is undeniable. Julia Pyke is hopeful that funds will be raised by early 2023 and building can commence immediately after. Currently Sizewell C is awaiting a development consent order from the government to allow for building the plant itself. The funding of Sizewell C will come from a variety of sources including sovereign wealth funds, pension schemes and government backing.
Creating Jobs, Opportunities and Energy
Julia stressed the potential of ‘Big Nuclear.’ The opportunity to create hydrogen, provide employment and train young people is attractive. Whilst simultaneously having a huge impact on energy production and driving consumer costs down across the country. Sizewell C will relieve the pressure on wind energy and replace it with a reliable, consistent source of energy to the grid, whilst giving amazing opportunities to the local population and boosting the local economy.