Government to provide £5.5 billion for Sizewell B nuclear project

The British government is to pay £5.5 billion to the EDF subsidiary responsible for building two nuclear reactors on the Sizewell site. The funding still has to be approved by the relevant authorities, given its size. The Sizewell B project is estimated to cost between £20 and £30 billion. This project is a replica of the Hinkley Point project. The UK government has committed to a 50% stake in the project alongside EDF and other private partners. EDF does not want its stake in the project company to exceed 20%. Discussions are continuing with Centrica, British pension funds and investment funds from the Middle East.