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    Energy Industries Council: Government’s Confirmation it Will Invest £700m in Sizewell C Nuclear Plant Bolsters UK Supply Chain


    November 30, 2022 - Contify Energy News

     

      The government’s confirmation today that it will invest £700 million in the Sizewell C nuclear plant in Suffolk is welcome step as it bolsters the UK’s nuclear supply chain capabilities and place businesses in a better position to compete for projects internationally, according to Rebecca Groundwater, the Energy Industries Council’s Head of External Affairs. Following a consultation process around the government’s Nuclear Regulated Asset Base (RAB) model—which EIC members responded to through the formal consultation—the EIC also gave evidence before the Parliament’s BEIS Select Committee, providing key details on the matter based on our expertise and our members’ feedback.

      Key Highlight:

      * Following on from the recent budget announcement, the government’s investment will give it a 50% stake in the nuclear power plant with EDF.

      Original Press Release:

      Nov. 29 -- Energy Industries Council issued the following news release:

      The government’s confirmation today that it will invest £700 million in the Sizewell C nuclear plant in Suffolk is welcome step as it bolsters the UK’s nuclear supply chain capabilities and place businesses in a better position to compete for projects internationally, according to Rebecca Groundwater, the Energy Industries Council’s Head of External Affairs.

      Following a consultation process around the government’s Nuclear Regulated Asset Base (RAB) model—which EIC members responded to through the formal consultation—the EIC also gave evidence before the Parliament’s BEIS Select Committee, providing key details on the matter based on our expertise and our members’ feedback. Our members feedback and why we welcome this announcement is that this will bolster UK supply chain capability in this sector and allow those already operational the ability to expand their expertise globally, according to Ms. Groundwater.

      She added: “We are pleased our members voice was heard and we will continue to work with members and government to highlight where the UK supply chain can deliver investment, skills, and export potential across all energy technologies.”

      Following on from the recent budget announcement, the government’s investment will give it a 50% stake in the nuclear power plant with EDF. Both will work on raising capital for the project, according to Department for Business, Energy, and Industrial Strategy.

      EIC analyst Joanne Sivanathan said. “The renewed interest in the nuclear energy sector along with confirmed government support can build on the momentum from Hinkley Point C nuclear power plant to develop a once again thriving nuclear industry in the UK,” she said.

      She added, “The end goal is always to grow the UK economy to the point it can be an exporting market. The UK used to be a nuclear champion, but while capabilities are still strong, the lack of developments over recent years has allowed the UK to fall behind. Getting Hinkley Point C nuclear power plant online and beginning Sizewell C plant will help develop the supply chain in the UK, grow expertise and skills, and open the UK up to be more competitive at international stage.”

      Source: Energy Industries Council

      [Category: Power, Power Generation, Nuclear Power, Capital Investment]

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