UK Invests $134 Million in Sizewell C

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The UK government this week announced plans to invest £100 million ($134 million) in EDF's planned twin-EPR newbuild project at Sizewell C, but made no mention of buying out politically unpalatable China General Nuclear (CGN), which owns 20% of the project development company. "In light of high global gas prices, we need to ensure Britain's future energy supply is bolstered by reliable, affordable, low-carbon power that is generated in this country," Energy Secretary Kwasi Kwarteng said in a Jan. 27 statement, noting that the funding "will further support" development of and "maximise investor confidence" in the project as the government negotiates a subsidy scheme for the newbuilds planned in the southeast English county of Suffolk. The government's primary motivation appears to be to mollify EDF, which warned in its annual results presentation a year ago that if a final investment decision on the project is postponed beyond mid-2022, "an agreement would have to be reached on the financing of the additional costs incurred." But the government said that "No decisions, including on the final configuration of Sizewell C’s investors, have been made."

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