The UK Government is set to enter negotiations with integrated energy company EDF regarding the construction of the Sizewell C project, a £20bn nuclear power plant in Suffolk.
Through this initiative, the government considers investing in at least one nuclear power station by the end of this Parliament.
If negotiations with the EDF are successful, the project is expected to create thousands of new jobs during construction and operation.
EDF Nuclear Development managing director Humphrey Cadoux-Hudson said: “The go-ahead for Sizewell C would bring the Green Industrial Revolution to life, creating thousands of British jobs and apprenticeships, and delivering a huge boost for thousands of nuclear supply chain companies up and down the country.
“We are eager to start discussions with the government on a suitable financing model for the project and we look forward to the next phase of scrutiny of our plans by the Planning Inspectorate.
“Sizewell C will build on the great progress being made at Hinkley Point C and, as a copy, will benefit from lower construction and financing costs.”
The initiation of the talks is said to be the next step in considering the Sizewell C project.
However, the government said that the negotiations are subject to reaching a value for money deal and all other relevant approvals, before going ahead with the project.
The conclusion of these negotiations will be subject to thorough scrutiny and needs to satisfy the government’s robust legal, regulatory and national security requirements.
Additionally, the government has released its Energy White Paper outlining its plans to clean up the energy system, to support the creation of up to 220,000 British jobs over the next decade across England, Scotland, Wales and Northern Ireland.
With its plan, the government aims to keep the energy bill affordable as the country aims to transition to net-zero by 2050.