Capital Economy, Business and Finance
EDF has reduced its stake in the Sizewell C nuclear power plant by a further 7.7 per cent, leaving the UK government with an 83.8 per cent share.
In 2022, a government buy-out to allow the Chinese state to exit the project made the UK the leading investor.
Last week Emmanuel Macron fired the EDF chief following a row over energy prices, and France’s public spending watchdog is advising the country to cut back on its involvement in UK nuclear projects and focus on small modular reactors instead.
As France reduces its investment, taxpayers are likely to foot more of the bill than anticipated – a tough pill to swallow as the chancellor slashes public funding.
When complete, Sizewell C is forecast to provide up to 7 per cent of the country’s electricity needs, with reactors lasting 60 years. Right now it’s a political headache.
This article has been amended since publication.
