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FT-PM Set To Confirm 20% Gov't Stake In Nuclear Plant

UK

FT reports that PM Boris Johnson is - in his last week in office - set to confirm a 20% UK gov't stake in the planned Sizewell C nuclear power plant in Suffolk. The article states that the move, "is designed to send a signal to investors that the government is serious about reviving efforts to build a new generation of nuclear power stations after years of delays."

  • Another 20% stake would go to French-state run EDF, while the remaining 60% would be offered to private investors. Agreement earlier this year saw a Chinese-state backed group removed from the project.
  • Construction of Hinkley Point plant in Somerset (Sizewell C based on same plan) costing GBP26bn, up from GBP18bn estimate in 2016. Notable impact on Treasury finances if Sizewell does indeed spur a 'new generation' of plants.
  • Move will not assist with UK's immediate energy needs, but in short term the Rough gas storage facility set to be reopened in phases (but still uncertainty on financing mechanism between owner and gov't).
  • FT reports that despite Johnson previously stating he would leave any big spending decisions to his successor, people familiar with PM's thinking say this is Johnson attempting to, "leave a legacy'.
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