Sizewell C Consortium signs MoU on investment potential : Waste & Recycling
March 24, 2021
The proposed Sizewell C (SZC) nuclear power project could turn into an investment, according to a memorandum of understanding announced today by the Sizewell C Consortium, which is investing more than £ 4.4 billion (US $ 6.0 billion) in the east of England 200 UK based companies and organizations.
The Sizewell C project design (Image: EDF)
The government is in talks with French-owned EDF on the project to build two EPRs in Suffolk to “replicate” the Hinkley Point C plant under construction in Somerset. The Department of Corporate, Energy and Industrial Strategy announced its intention to hold these talks and said last December the government was considering options to allow investments in “at least one” nuclear power plant by the end of this parliament in 2024.
The agreement, signed between the Sizewell C Consortium and “a number of” Members of Parliament, business groups, corporations and educational institutions in the east of England, outlines the potential investments for the region during the construction of the project, which is expected between 9- Last 12 years.
Cameron Gilmour, spokesman for the Sizewell C consortium, said the project will help ensure that east of England is “not left behind” in the green recovery from the pandemic. “In order for these benefits to materialize, we need a firm commitment to building Sizewell C by working closely with the government and consulting local stakeholders to get approval for the project,” he said.
The consortium commissioned research from Ernst and Young that found 73,000 jobs would be created directly in the supply chain or through local spending on goods and services. Of those, 35,000 would be in Suffolk.
“The local people need to have the opportunity to acquire skills, work on the construction of the nuclear power plant and then either work there once it is operational or transfer their skills to other sectors. This can make our area compelling Make the location Peter Aldous, Member of Parliament for Waveney, said.
Sizewell C would also partner with the newly announced “Freeport” of Felixstowe and Harwich to create a hydrogen hub. Chancellor of the Exchequer Rishi Sunak confirmed they had been granted free port status when he presented his budget earlier this month. Free ports allow business to be carried out within a country’s land border but where different customs regulations apply, and Sunak referred to them as “Special Economic Zones”.
NNB GenCo (SZC Co) is exploring how SZC could be part of a larger hub of low carbon energy technologies – the Energy Hub – that could support the UK government’s binding target of net zero carbon emissions by 2050.
Researched and written by World Nuclear News