On 30 August 2024, the Department for Energy Security and Net Zero (DESNZ) published details of a new subsidy scheme – the Sizewell C Devex Scheme – to enable continued support to the development of the proposed new nuclear power plant Sizewell C (SZC) to the point of a Final Investment Decision (FID) and thereby ultimately reach operation. This follows the Competition and Markets Authority’s consideration of DESNZ’s assessment of the Devex Scheme’s compliance with the requirements under the Subsidy Control Act 2022 earlier this year.
More specifically, this Devex Scheme will provide the government with greater flexibility to cover development expenditure costs up to and including 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. Further details of the Devex Scheme, and of investments made under the scheme, will be reported on the relevant page of the subsidies database.
Funding for the Devex Scheme will be provided subject to relevant approvals, including the upcoming Spending Review. The DevexScheme is in addition to, and separate from, the existing SZCInvestment Funding Scheme (SC10655) which was created at the point of the government’s first investment in SZC in November 2022.
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SZC is a proposed 2-unit 3.2 gigawatt (GW) nuclear power station, which would sit adjacent to the existing Sizewell B plant and the decommissioned Sizewell A plant on the east coast of Suffolk. SZC’s design is a near replica of the UK’s only under construction nuclear plant, Hinkley Point C, deploying the EPR technology adapted for the UK.
SZC would play a key role in UK net zero and energy security policy. In particular, it would provide low carbon electricity that supports delivery of the net zero objective at a low system cost as well as security of supply (through domestic generation) and energy system stability (by contributing to reliable, non-intermittent baseload capacity)....
Read the full news release here
