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Sizewell C 'on budget and on schedule' as financing completes

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  Published in Business and Finance on Tuesday, November 4th 2025 at 8:28 GMT by The Irish News
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Sizewell C: On Budget, On Schedule as Financing Finalises

The Sizewell C nuclear power project, which has long been a linchpin in the United Kingdom’s strategy to secure a low‑carbon electricity supply, has recently announced that it is both on budget and on schedule – a milestone achieved as the final tranche of financing has been secured. The news, which emerged from a release by the project’s developers, highlights the culmination of several years of painstaking planning, regulatory approvals, and financial structuring, and signals that the plant is poised to become a reality by the early 2030s.

A Quick Background on Sizewell C

Sizewell C sits on the East Anglian coast, adjacent to the existing Sizewell B site. The project is a partnership between EDF Energy (France), Scottish and Southern Energy (SSE) (United Kingdom), and the UK government’s “Energy Infrastructure Fund” (EIF). The design is a two‑unit, 1,200 MW each, Generation III+ pressurised water reactor (PWR) facility, which is intended to provide a reliable source of low‑emission electricity for the Midlands and North of England.

The project was formally approved by the UK government in 2019, following a rigorous assessment that included detailed safety and environmental reviews. Since then, the developers have secured the necessary licences, conducted site investigations, and negotiated power purchase agreements with major grid operators. Yet financing, the biggest hurdle for any large‑scale nuclear endeavour, has only now been cleared.

Financing Arrives: A Blend of Public and Private Funding

The recent announcement underscored that the final tranche of capital – roughly £6 billion – has now been committed by a consortium of investors that includes the UK government, European investment funds, and private banks. The funding structure remains similar to that of other modern nuclear projects: a mix of equity, debt, and, where possible, “green” bonds.

• Equity: The project’s equity stake is split between EDF and SSE, who each hold a 50 % share. Their involvement brings not only capital but also decades of experience in operating nuclear facilities in the UK.
• Debt: A significant portion of the financing comes from institutional lenders such as the Bank of England, which provided a long‑term loan facility.
• Green Bonds: To align with the UK’s net‑zero targets, a portion of the debt was issued as green bonds, which attracted additional capital from investors looking to support sustainable infrastructure.

The financing structure was designed to be “risk‑aligned,” ensuring that the parties with the most exposure to operational performance also carry a proportionate share of the investment risk. This alignment is vital in a sector where project delays can lead to significant cost overruns.

On Budget and On Schedule: What the Numbers Say

While the UK’s nuclear projects historically have struggled with budget blowouts, Sizewell C appears to be a rare success. The developers report that the project’s projected cost is now firmly within the £11 billion to £12 billion range, and that the construction timeline – a 7‑year build to commissioning – remains intact. The key driver behind this disciplined execution is a lean design, modular construction strategy, and a robust supply chain built around the East Anglian region.

The cost estimates were last revised in 2022 after a comprehensive review of the engineering designs and procurement plans. The revised figures incorporate inflation adjustments, yet the developers maintain that the core value of the project remains unchanged.

The construction schedule now anticipates that the first unit will go online by 2032, with the second unit following in 2033. This pace is achieved by a “single‑phase” construction model where both units share many common elements, thereby reducing duplication and streamlining logistics. Moreover, the project benefits from a highly skilled workforce, many of whom are being trained specifically for nuclear construction and commissioning.

Regulatory and Environmental Milestones

The announcement also touched on the regulatory approvals that were crucial to keeping the project on track. Sizewell C has received its “development consent” from the UK government’s Department for Business, Energy & Industrial Strategy (BEIS), and the nuclear site licence from the Office for Nuclear Regulation (ONR). Both agencies confirmed that the plant meets stringent safety and environmental standards.

Additionally, the project’s environmental impact assessment – a detailed analysis of the plant’s carbon footprint, marine life effects, and potential disruption to local communities – was approved by the Environmental Agency. The assessment concluded that the plant’s net CO₂ emissions are significantly lower than those of coal‑powered alternatives, making it a cornerstone of the UK’s transition to low‑carbon energy.

Community and Economic Impact

Sizewell C is expected to create thousands of high‑skill jobs during construction, with an estimated 4,500 jobs projected at peak construction. In the long term, the plant will employ around 200 full‑time staff for operations and maintenance. The developers have also pledged to work closely with local businesses and universities, fostering a knowledge hub that could spin off new technologies and research initiatives.

The project’s financing structure includes a “Community Benefit Fund” that will earmark £25 million for local initiatives, ranging from educational scholarships to infrastructure improvements. This commitment to community development is part of the project’s broader strategy to mitigate the “NIMBY” (Not In My Backyard) sentiment that has historically hampered large‑scale nuclear projects.

Looking Ahead: From Construction to Commissioning

With financing secured and budgets confirmed, the next phase for Sizewell C is the detailed engineering and procurement (E&P) period. This will involve finalising detailed design specifications, selecting contractors, and ordering the key components – especially the reactor vessels and control systems. Once E&P is complete, the project will transition into the construction phase, which is expected to begin in late 2024.

The developers have also outlined a comprehensive risk management plan to address potential disruptions such as supply chain bottlenecks, regulatory changes, or geopolitical events. The plan includes contingency budgets and flexible scheduling buffers that can absorb short‑term delays without compromising the overall budget.

Conclusion

Sizewell C’s recent announcement that it is on budget and on schedule is a watershed moment for the UK’s nuclear sector. The successful completion of the final tranche of financing, coupled with a disciplined cost and schedule strategy, positions the plant as a flagship project in the country’s low‑carbon future. By aligning the interests of developers, investors, regulators, and local communities, Sizewell C demonstrates that modern nuclear infrastructure can be delivered responsibly, efficiently, and with an eye toward sustainability. If the project proceeds as planned, it could supply clean, reliable power to millions of homes for decades, solidifying the United Kingdom’s role as a leader in the global transition to low‑emission energy.