Sizewell C Nuclear Power Plant Costs Soar to £38bn

The cost of building the Sizewell C nuclear power plant in Suffolk has risen to £38bn, increasing household energy bills by £1 a month for at least a decade. The government will take a 44.9% stake in the project, with investments secured from businesses like Centrica. The plant is expected to start operating in the mid-2030s, reducing energy bills by an estimated £2bn. Despite concerns about cost overruns, supporters believe the project will create thousands of jobs and provide clean energy for millions of homes.

Sizewell C's design is largely based on Hinkley Point C, aiming for faster and cheaper construction. The project is seen as a significant investment in nuclear energy, with the UK government, La Caisse, Centrica, EDF, and Amber Infrastructure sharing ownership. The construction of Sizewell C marks a major step in the UK's nuclear energy sector, which has not seen a new plant since 1995.

Energy Secretary Ed Miliband emphasized the importance of such projects for the country's energy future, highlighting the potential for clean, homegrown power for generations to come. The investment from various stakeholders signals the UK's position as a global hub for nuclear energy.