The UK Government is planning to fund a new nuclear power plant as part of its strategy to reach net zero by 2050.
As reported exclusively by the Telegraph, the government will announce the funding before the 2024 elections and is expected to choose EDF’s proposed plant, Sizewell C. EDF said that, if approved, the Suffolk plant would provide low carbon energy to 6 million homes for 60 years.
According to sources, the government’s investment in Sizewell C could entail guaranteed fixed prices for each unit of energy produced rather than just direct investments.
“Nuclear power has a key role to play as we work to build a strong, home-grown energy sector to further reduce our reliance on fossil fuels and exposure to volatile global gas prices,” a government spokesperson told the Telegraph.
“We are seeking to approve at least one more large-scale nuclear project in the next few years to strengthen energy security and create thousands of jobs.”
This nuclear push is said to be part of the government’s Net Zero strategy, which will be launched this week. A 150-page-long document, the strategy is said to be covering all bases, from the transition to greener transports to the adoption of low carbon heaters in homes.
The plan will be unveiled less than two weeks before COP26, when world leaders will gather in Glasgow to discuss how to best achieve net zero by 2050.