LONDON:
The British government on Tuesday gave a new British nuclear power plant Sizewell C on Tuesday after having concluded an agreement with investors, aimed at strengthening the net safety and energy security objectives.
The government, the largest shareholder in the project, said that Sizewell C, eastern England, will cost around 38 billion pounds Sterling ($ 51 billion) to build.
The project will also be funded by the Canadian Pension Fund La Caisse, the owner of British gas Centrica, the Amber infrastructure and the French energy giant EDF.
“It is time to do great things and to resume major projects in this country,” said energy secretary Ed Miliband in a statement.
“Today, we are announcing an investment that will provide clean and local power to millions of houses for future generations,” he added.
The factory, which has been in financial limbo for more than a decade, should not start producing electricity before the 2030s. The expected construction cost of 38 billion pounds Sterling exceeds the previous official estimates from 20 to 30 billion pounds Sterling – and activists have warned that new cost or delays could have an impact on households.
