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Plan for new UK nuclear financing model moves upfront cost to energy bills
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The government plans to resuscitate the UK’s nuclear energy ambitions by creating a financing model that could pile the upfront cost of the £20bn Sizewell C power plant on to householders’ energy bills before it starts generating electricity.
The energy secretary, Kwasi Kwarteng, set out legislation on Tuesday that would share the early construction costs with consumers, with the aim of reducing the UK’s reliance on overseas funding for nuclear projects by making them more attractive to domestic investors.
The long-awaited legislation could also pave the way for the government to take a direct stake in the Sizewell C nuclear plant by using tens of millions of pounds of public money during its risky development phase – replacing the China
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