Government buys China out of Sizewell C

The Government has paid £700m to buy out China’s share of the Sizewell C nuclear power plant in Suffolk.

Given tensions with China, recently expressed by the Prime Minister as the end of a "golden era" of relations, and the immediate criticality of energy it seemed inevitable that either new partner or taxpayer money would be required to ensure the plant is completed.

Chinese firm CGN will exit he project, leaving the Government and EDF and joint sponsors of the plant, which is expected to be operational in a decade and help the country reach its net-zero targets. Although the Government funding will ensure the programme continues, it is expected to require significant additional funding, which the Government hopes to raise from the private sector.

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