Development money for nuclear power station is an attempt to draw in investors that could replace China’s CGN
A sum of £100m is peanuts in the expensive world of nuclear power stations, so regard the business secretary Kwasi Kwarteng’s funding for a round of development work on Sizewell C as a form of advertising. The cash is intended to send a message that the government is serious about getting the plant built in Suffolk. And it is an appeal for outside investors to volunteer to sit alongside developer EDF, the French state-backed group.
There was also a definition of a desirable investor: “British pension funds, insurers and other institutional investors from like-minded countries”. Note the nationality test. It is the closest we have come to official confirmation that China General Nuclear (CGN), originally slated for a 20% stake in Sizewell, will be kicked off the project. It remains to be seen how, legally, the government will rip up the 2015 deal with CGN signed by David Cameron’s government, but the intention is clear.