Britain's nuclear revival has arrived

For decades, the challenge for nuclear programmes in the West has not been technical capability, but the absence of a financial model that – alongside Government investment - could attract private capital with confidence. Sizewell C’s financial close proves that private investment in new nuclear is both possible and transformative.

We now have full funding certainty. It's a clear signal that Britain’s next nuclear power station is ready to move into delivery, backed by both independent private investors and the government at unprecedented scale.

It is proof that Britain can lead the world in clean energy innovation, backed by the confidence of international markets and the strength of British industry. Good for business, even better for Britain.

It may sound like a story for the finance pages, but its impact reaches far wider; it matters to anyone who worries about the cost of their energy.

We know people feel they already pay too much for their energy, and that new infrastructure can sound expensive, but Sizewell C’s financing model means it will cost households around one pound per month during construction, a small price for decades of clean, reliable power.

Trying to keep the lights on without Sizewell C would cost consumers far more. Once operational, the project will cut electricity system costs by around £2 billion every year, helping to keep bills lower in the long term. And crucially, we’ve been able to deliver those savings through the way the project has been financed, supported by the UK Government’s commitment to enabling new nuclear investment.

For decades, new nuclear builds have relied entirely on government or state-backed developer funding. Sizewell C has changed that. Using the Regulated Asset Base (RAB) model, proven across more than £200 billion of UK infrastructure from Heathrow Terminal 5 to the Thames Tideway Tunnel, we’ve created a framework that brings private finance into a new build nuclear plant for the first time globally.

There was scepticism that such a coalition of support could be assembled. Yet, thirteen banks have backed the £5 billion export credit-supported debt raise alongside the National Wealth Fund’s facility, clear evidence of international confidence in Sizewell C’s pioneering model. All three major credit rating agencies have awarded strong investment-grade ratings, underlining the project’s financial strength.

This financing model is only possible because replication enables investor confidence. Sizewell C is the best-prepared nuclear project in history because it is a replica of Hinkley Point C.

Replicating that design and supply chain lowers costs, reduces risk, and provides greater certainty for investors and the public alike. It demonstrates how learning by doing can make each project faster, cheaper, and better prepared than the last.

We must stop viewing infrastructure companies like Sizewell C purely as costs and start seeing them as long-term national investments.

In today’s world, energy security is national security. To be truly independent, we must produce as much of our energy as possible here in the UK.

Sizewell C will deliver not only reliable, home-grown low-carbon power, but also strengthen the skills, manufacturing, and supply-chain ecosystem that supports it.

The pandemic and the war in Ukraine exposed vulnerabilities in global supply chains across critical sectors. Fleet building ensures we develop and retain those capabilities at home.

This milestone isn’t just about financing; it’s about confidence in Britain’s ability to deliver. It’s about optimism for our future.

Replication has made this world-leading financing model possible, and it is replication that can now unlock a vision of Britain with a modern fleet of nuclear power stations, delivering cheaper, cleaner, and more secure energy for generations to come.

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Julia Pyke and Nigel Cann are joint-Managing Directors of Sizewell C.

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