Rachel Reeves has signed off on 拢14.2bn of investment to build the new Sizewell C nuclear plant as part of the spending review. The Chancellor is set to confirm the funding at the GMB Congress on Tuesday.
Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 鈥済olden age of clean energy abundance鈥. Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships.
But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be.
Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain鈥檚 grid by 2030, replacing fossil fuels with green power.
The last time Britain completed one was in 1987, which was the Sizewell B plant.
Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031.
The Energy Secretary said: 鈥淲e need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis.
鈥淭his is the Government鈥檚 clean energy mission in action 鈥 investing in lower bills and good jobs for energy security.鈥
It will get the 海角视频 off the 鈥渇ossil fuel rollercoaster鈥, he separately told The Guardian.
鈥淲e know that we鈥檙e going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system.
鈥淚n any sensible reckoning, this is essential to get to our clean power and net zero ambitions.鈥
The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 鈥淭oday marks the start of an exciting new chapter for Sizewell C, the 海角视频鈥檚 first British-owned nuclear power plant in over 30 years.鈥
At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed 拢330m worth of contracts with local businesses.
The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s.
The Government also confirmed one of Europe鈥檚 first small modular reactor programmes and will invest 拢2.5 billion over five years in fusion energy research as part of plans to boost the 海角视频鈥檚 nuclear industry.
Rolls-Royce SMR has been selected as the preferred bidder, with hopes the smaller plants will be quicker to build than traditional nuclear power stations.
Great British Energy 鈥 Nuclear will aim to allocate a site for SMRs later this year and connect projects to the grid in the mid-2030s
The GMB union said giving Sizewell C the go-ahead was 鈥渕omentous鈥.
Regional Secretary Warren Kenny said: 鈥淣uclear power is essential for clean, affordable, and reliable energy 鈥 without new nuclear, there can be no net zero.
鈥淪izewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country鈥檚 energy sector.鈥
Mike Clancy, general secretary of Prospect, said: 鈥淒elivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the 海角视频.
鈥淣ew nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs.
鈥淔urther investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.鈥
Alison Downes of Stop Sizewell C said ministers had not 鈥渃ome clean鈥 about the full cost of the project, which the group have previously estimated could be some 拢40bn
鈥淭here still appears to be no final investment decision for Sizewell C, but 拢14.2bn in taxpayers鈥 funding, a decision we condemn and firmly believe the government will come to regret.
鈥淲here is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C?
鈥淢inisters have still not come clean about Sizewell C鈥檚 cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.鈥
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