French developer EDF will also take a 20% stake in the £20bn power station at Sizewell, in Suffolk.
Legislation allowing construction and financing costs to be added to customer bills, as Sizewell C is built over the next decade, is due for a second reading in the House of Commons next month. It made it through the Lords unamended and is expected to become law in the coming weeks having received strong support from MPs.
However, those numbers are expected to rise as global inflationary pressures affect prices of steel, cement, wages and the large amounts of energy required to build plants of this size.Groups opposed to the Sizewell plan say it is risky, expensive and endangers wildlife Nuclear industry insiders say proposed reforms to EU-wide financial regulations will make it easier for pension funds and insurance companies to invest in long-term infrastructure assets like nuclear.
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