UK Government ministers are closing in on a deal to purchase a stake in the Sidwell C nuclear power project in Suffolk. Competition for this £20 billion project has been hotly contested, with China currently playing a major role.
A sizeable backing from parliament would not only help propel the project through the bureaucratic process but would also likely result in China General Nuclear backing out of their 20% stake.
The examination phase of the project has now concluded, and board members at EDF are set to discuss the project’s future in November, coinciding with the upcoming UN Climate Change Conference, Cop26.
According to present plans, only one of Britain’s current nuclear power stations is set to remain open by 2030. This will inevitably create a void in the country’s low-carbon power generation, and a more pressing need for deals such as this to be finalized.
Pressure has also been mounting from the US for Westminster to remove China from their role in the British power industry since Britain joined the Aukus nuclear submarine pact. This agreement between the UK, Australia and the USA was intended as a countermeasure to China’s rapidly increasing military presence.
Following Washington’s involvement in plans to develop another plant in Wylfa, Anglesey under US supervision, they have been vocal in their ongoing support as the UK continues to develop its position in the nuclear power industry.
The global fuel crisis and the ever-increasing energy prices that have followed have proven to be a catalyst for Westminster’s involvement in Sidwell C. Business secretary, Kwasi Kwarteng is reportedly championing an increase in the UK’s nuclear power budget as a result.
Nuclear power continues to be instrumental as an effective substitute for traditional fossil fuels, while also providing a layer of insulation to the public from dramatically increasing gas prices. Projects like Sidwell C are becoming increasingly important as we move toward more sustainable energy sources.
Discussions are still ongoing over the fate of Sidwell C, though final decisions are expected to be announced soon.