Britain’s Department of Business, Energy and Industrial Strategy (BEIS) confirmed Tuesday the government will take a 50 percent stake in the Sizewell C nuclear plant project, matching the financial commitment of EDF, which is a French, state-owned company.
“Today the government is driving forward plans to build a secure energy future, creating cheaper, cleaner energy from British sources, for Britain,” BEIS said. “This includes continuing the revitalization of the UK nuclear industry by confirming the first state backing of a nuclear project in over 30 years.”
The initiative was “part of the UK’s biggest step yet in the journey to energy freedom,” BEIS noted.
The government’s will invest about $815 million in the project that is expected to create as many as 10,000 high skilled jobs “and provide reliable … power to the equivalent of 6 million homes for over 50 years,” according to a BEIS public statement.
The move shows further commitment to a nuclear power future. By comparison, Britain, one-fortieth the size with one fifth the population of the United States has two nuclear power plant projects currently in progress. The U.S. also has two.
Britain’s energy goals, however, also include a plan to reduce energy demand by 15 percent by 2030. This is backed by a new $1.19 billion ECO+ insulation scheme, and a major expansion to the government’s public awareness campaign designed to help households cut back on energy waste.
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