UK Announces $19.3 Billion Funding For New Nuclear Power Project

The UK government has announced a £14.2 billion investment to build a new nuclear power plant, Sizewell C, in Suffolk county, England. The plant is expected to create around 10,000 jobs during construction and generate enough electricity to power homes once operational. The government has a majority stake in the project, with EDF Energy as a minority shareholder. The total cost of construction and expected completion date have not been announced. Sizewell C would be the second new nuclear plant built in Britain in over 20 years, following Hinkley Point C, which has been delayed and is expected to come online in 2029. The UK government has also announced plans to invest £2.5 billion in small modular reactors, with the goal of establishing one of Europe's first small-scale nuclear industries. The move comes as Europe faces spiraling energy costs due to the ongoing war between Russia and Ukraine, which has hampered the continent's natural gas supply. European Commission President Ursula von der Leyen has called for more nuclear power in the EU. The UK's decision follows Germany's recent reversal on nuclear power, and marks a shift towards clean energy and energy security.