https://sputnikglobe.com/20220822/uk-senior-officials-reportedly-back-sizewell-c-npp-funding-despite-tory-split-1099868586.html
UK Senior Officials Reportedly Back Sizewell C NPP Funding Despite Tory Split
UK Senior Officials Reportedly Back Sizewell C NPP Funding Despite Tory Split
Sputnik International
MOSCOW (Sputnik) - UK Prime Minister Boris Johnson and Chancellor of the Exchequer Nadhim Zahawi have approved financing for the construction of two new... 22.08.2022, Sputnik International
2022-08-22T15:31+0000
2022-08-22T15:31+0000
2023-07-31T16:57+0000
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Sizewell C is a project for the construction of a nuclear power plant with two reactors, amounting to a total of 3,200 megawatts in energy output in Suffolk, the United Kingdom. The project was proposed by French state-owned energy company EDF and China General Nuclear Power Group (CGN), with 80% and 20% of shares in the project respectively. The construction is expected to begin in 2024 and the plant is expected to meet 7% of the UK's energy demand.The approval stipulates that some 20-30 billion pounds ($23.6-$35.4 billion) will be raised in private funding for the construction. Earlier this year, Jonson-led government already raised about 100 million pounds for the construction of Sizewell C.Simon Clarke, the UK chief secretary to the Treasury, said in a leaked letter that the decision could limit the economic vision of UK Foreign Secretary Liz Truss should she become a prime minister. He added that the costs of Sizewell C were "sufficient to materially affect spending and fiscal choices for an incoming government, especially in the context of wider pressures on the public finances," The Guardian quoted Clarke's letter.On the other hand, Kwasi Kwarteng, the UK secretary of state for business, energy and industrial strategy, said in an article for the Mail that the government needs to "crack on with more nuclear power stations" to enhance UK's energy security.Johnson's decision was also challenged by a campaign that is trying to prevent the construction."Whatever way you look at it, this is a very dodgy decision. Has it been made by a lame duck PM [prime minister] who is not supposed to tie the hands of his successor, or was it in fact made before Sizewell C was granted planning consent, lending serious weight to our conviction that this was a prejudiced, political decision?," a spokesperson for the Stop Sizewell C campaign told the newspaper, adding that "our next prime minister should call Sizewell C in. There are so many better ways to spend billions of pounds of taxpayers’ money than on a project that won’t light a single lightbulb for at least a decade."Truss has yet to clearly state her position on Johnson's decision; however, last year she expressed concerns about the involvement of China's CGN in a consortium funding the preparatory work at the plant.
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europe, tory, united kingdom (uk), nuclear power plant
europe, tory, united kingdom (uk), nuclear power plant
UK Senior Officials Reportedly Back Sizewell C NPP Funding Despite Tory Split
15:31 GMT 22.08.2022 (Updated: 16:57 GMT 31.07.2023) MOSCOW (Sputnik) - UK Prime Minister Boris Johnson and Chancellor of the Exchequer Nadhim Zahawi have approved financing for the construction of two new reactors for the Sizewell C nuclear power plant (NPP) despite disagreements within the Conservative Party, The Guardian reported, citing a government source.
Sizewell C is a project for the construction of a nuclear power plant with two reactors, amounting to a total of 3,200 megawatts in energy output in Suffolk, the United Kingdom. The project was proposed by French state-owned energy company EDF and China General Nuclear Power Group (CGN), with 80% and 20% of shares in the project respectively. The construction is expected to begin in 2024 and the plant is expected to meet 7% of the UK's energy demand.
"In the next few weeks, we will announce a government investment decision on Sizewell C where the government formally commits to the project’s financing. It allows the project to raise private capital in the markets. But it’s only at the point of the final investment decision in early 2023 that the government would formalise any equity share," the source told the media, adding that Johnson had made the decision to approve funding for the plant several weeks ago.
The approval stipulates that some 20-30 billion pounds ($23.6-$35.4 billion) will be raised in private funding for the construction. Earlier this year, Jonson-led government already raised about 100 million pounds for the construction of Sizewell C.
Simon Clarke, the UK chief secretary to the Treasury, said in a leaked letter that the decision could limit the economic vision of UK Foreign Secretary Liz Truss should she become a prime minister. He added that the costs of Sizewell C were "sufficient to materially affect spending and fiscal choices for an incoming government, especially in the context of wider pressures on the public finances," The Guardian quoted Clarke's letter.
On the other hand, Kwasi Kwarteng, the UK secretary of state for business, energy and industrial strategy, said in an article for the Mail that the government needs to "crack on with more nuclear power stations" to enhance UK's energy security.
Johnson's decision was also challenged by a campaign that is trying to prevent the construction.
"Whatever way you look at it, this is a very dodgy decision. Has it been made by a lame duck PM [prime minister] who is not supposed to tie the hands of his successor, or was it in fact made before Sizewell C was granted planning consent, lending serious weight to our conviction that this was a prejudiced, political decision?," a spokesperson for the Stop Sizewell C campaign told the newspaper, adding that "our next prime minister should call Sizewell C in. There are so many better ways to spend billions of pounds of taxpayers’ money than on a project that won’t light a single lightbulb for at least a decade."
Truss has yet to clearly state her position on Johnson's decision; however, last year she expressed concerns about the involvement of China's CGN in a consortium funding the preparatory work at the plant.
