London, Aug 31: The UK Energy Security Department announced a new 5.5 billion pound (about $7.23 billion) subsidy scheme aimed at supporting the construction plans of the Sizewell C Nuclear Power Plant (NPP).
In November 2022, the UK government confirmed it would allocate 700 million pounds sterling ($891 million) to build the Sizewell C NPP.
“This Devex [Development Expenditure] Scheme will provide the Government with greater flexibility to cover development expenditure costs up to and including [Final Investment Decision (FID)] FID, subject to appropriate Value for Money (VfM) assessments and approvals at the relevant time. The total value of support allowed by the scheme is ?5.5 billion,” the Government said in a statement.
In recent decades, the UK nuclear industry has been in decline. In 2016, the construction of the new Hinkley Point C NPP was confirmed, for the first time in 20 years.
In April 2022, in the midst of the energy crisis, the UK authorities announced plans to quadruple nuclear capabilities by 2050 as part of efforts to develop domestic sources of electricity. (UNI)
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