The Sizewell B nuclear power station in Suffolk has received a 20-year extension from the UK government, allowing it to continue generating electricity until 2055. The plant, which currently supplies approximately 3 percent of the UK's electricity and powers about 2.5 million homes annually, was originally scheduled to cease operations in 2035.
This extension is the result of a deal struck between the government, French energy firm EDF, which owns 80 percent of Sizewell B, and British Gas owner Centrica, which holds the remaining 20 percent. The investment associated with this extension is reported to be £800 million. Under the agreement, Sizewell B will be guaranteed a price of £70.50 per megawatt-hour for electricity produced between April 2035 and March 2055. This guaranteed price provides protection for investors should wholesale energy prices fall below this level.
Government officials stated that the extension is intended to safeguard consumers from fluctuations in fossil fuel markets. The move will also preserve approximately 900 jobs at the facility. Energy Secretary Ed Miliband commented that the extension is crucial for ensuring the country has access to the clean power it requires. The decision comes as other new nuclear projects, such as Hinkley Point C and Sizewell C, are reportedly experiencing delays.
Sizewell B is one of five operational nuclear power stations in the United Kingdom.