The construction of a new nuclear power plant with a capacity of 3.2 GW was agreed in UK shutterstock

The construction of a new nuclear power plant with a capacity of 3.2 GW was agreed in UK

Katerina Belousova

The construction of the NPP will be completed by 2035

In Great Britain, Electricite de France SA (EDF) has received permission to build the Sizewell C nuclear power plant, which will have a capacity of 3.2 GW.

It the decision is a key step in the government's plan to triple nuclear capacity by 2050, reports Bloomberg.

The plant could power 6 million homes over the next 60 years if built.

A funding deal is crucial and EDF wants to reach an agreement with the government in the near future. The company's shares are suspended and the remaining 16% of the company is nationalized by the French government.

The article noted that the government Great Britain will rely on nuclear and offshore wind power to provide domestic electricity and limit dependence on fossil fuels from international markets.

"The very substantial and urgent need for this proposal outweighs the harm," the government's letter of approval said.

Britain plans to build 24 gigawatts of nuclear power capacity, meaning the government needs to approve one reactor each year until 2030. After all, the construction of complex nuclear plants is slow, and cost overruns and delays make investors wary.

"Energy costs will be lower if nuclear power is included, so today's decision is good news for ratepayers," said Julia Pike, the project's chief financial officer.

EDF is still committed to the project despite its imminent nationalisation, said Paul Spence, director of strategy and corporate affairs at EDF's UK division. However, the company will not wait forever without a decision on financing the project.

EDF may make a final investment decision in 2023, and construction will be completed by 2035.

Earlier, EcoPolitic wrote, that the Minister of Energy of Ukraine Herman Galushchenko said that the inclusion of gas and nuclear power in the green taxonomy may deprive the russian federation of the opportunity to finance the war and blackmail the EU.

As EcoPolitic previously reported, the European Parliament on July 6 voted for the inclusion of gas and nuclear power plants to the list of green investments.

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