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Update on negotiations with EDF related to the Sizewell C Project

27 January 2022

Proposing MP
Kwasi Kwarteng Con
Spelthorne
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses updates on negotiations for the Sizewell C nuclear project.

Action Requested

I am pleased to announce an option agreement with EDF Energy Holdings Ltd for £100m, which will be used to further develop the Sizewell C electricity infrastructure project. This agreement includes provisions for downside protection for taxpayers if the project does not proceed as planned.

Key Facts

  • The UK Government recognises large-scale nuclear power as essential for reliable low-carbon electricity.
  • Hinkley Point C is currently under construction and expected to begin generating power by 2026, providing 3.2GW of electricity.
  • The Sizewell C Project could deliver around 7 percent of the UK’s current electricity needs (enough to power 6 million homes).
  • An option agreement with EDF Energy Holdings Ltd for £100m has been entered into, which will be used to further develop the project.
  • This funding would be recovered if a successful Final Investment Decision is made and value for money considerations are met.
  • The agreement provides taxpayers with downside protection should the project not proceed.
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