It will not be news to hon. Members that in the past year, Putin’s barbaric invasion of Ukraine has sent energy prices soaring.
Without this Government’s support, it would have sent thermostats sinking this winter, too. We have taken decisive action to keep homes, businesses, hospitals, and schools warm this winter. But if we are to avoid foisting this crisis on to future generations, we must think about the years to come, too.
This Government are investing now in a long-term plan, deploying transformative technologies to secure a cheaper, cleaner, reliable supply of energy for Britain and laying firm foundations for growth.
We are one of the biggest economies in the world, but for far too long our energy dependency has threatened to make us vulnerable, when the price of our energy is dictated by the whims of international energy markets.
To put a stop to this situation, we are securing our energy sovereignty.
We are building an energy system fit for the future, by delivering low-carbon energy and greater energy efficiency. We will continue working with our allies, whilst reducing the impact of international energy markets on our energy system.
By developing our world-leading renewables and investing in new nuclear, we will generate home-grown British energy for British families and businesses, boosting British jobs and British growth even as we transition to net zero.
Energy sovereignty is within our grasp. Clean, affordable energy for households and businesses is not a pipe dream, but a project we have now embarked on. Today I am setting out the steps we are taking on our path to energy freedom, delivering opportunity, security, and prosperity for all.
Investing in nuclear power
Nuclear power will be at the core of our threefold mission: to secure our energy supply; to supercharge growth; and to cut our carbon emissions. Today, it was announced that we have delivered on our commitments in the autumn statement, and that the Government will progress Sizewell C.
Our investment, the first made directly by a Government in nuclear power for 30 years, will drive forward the project’s development, and confirm the Government as a project shareholder. Next year, the Government, EDF, and the project company will work together to raise private capital under our new regulated asset base funding model for nuclear.
This is a truly significant moment, and our biggest step so far towards increasing our energy independence. Sizewell C will create 10,000 highly skilled jobs for the area and provide cleaner, cheaper, low-carbon electricity for the equivalent of 6 million homes for over 50 years.
Great British Nuclear