Sizewell C and Britain's nuclear renaissance

After years of setbacks, Britain has finally ended the uncertainty "over the future of its nuclear industry", said the FT. Chancellor Rachel Reeves has pledged a game-changing £11.5 billion of new state funding for the Sizewell C nuclear plant in Suffolk – in addition to a £2.7 billion commitment previously made in the autumn Budget.

Although Reeves has had to make tough decisions on day-to-day departmental budgets in the Spending Review, she was able "to find the extra billions for Sizewell C through a change to her fiscal rules", which has made £113 billion available for extra capital spending across government, funded by borrowing. In two further nuclear-boosting moves, Rolls-Royce has been chosen as preferred bidder to build Britain's first "small modular nuclear reactors"; and more than £2.5 billion is being invested in "the nascent technology of nuclear fusion".

"Sizewell C must be the most announced nuclear power station in history," said Nils Pratley in The Guardian. "It feels as if every energy secretary in the last half-decade, facing up to the reality that most of the existing nuclear fleet will be going offline by the early 2030s, has endorsed the Suffolk plant." The difference this time is that Ed Miliband's promise of "a golden age for clean energy abundance" is being backed by "serious government money".

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The move is a recognition that we cannot rely on the private sector alone to finance and build nuclear projects, as the last project attempted – at Hinkley Point C in Somerset, which is heavily delayed and over budget – has shown. Sizewell C is effectively "a replica of Hinkley", and both projects are being built jointly by the UK government and EDF, the French government-owned energy company. But the hope is that lessons have been learnt and that it can be built a lot more cheaply. "The game now is about rounding up private-sector investors to play a supporting financing role."

"Rinse and repeat" is one way of looking at things, said Eleanor Steafel in The Daily Telegraph. But it rather overlooks the fact that Hinkley Point has been "beset with problems" from the moment that EDF broke ground there in 2017 – and is currently £28 billion over budget, and counting. Indeed, the biggest hole in this week's announcement is the government's reluctance to spell out how much Sizewell C is expected to cost, let alone how much consumers will be paying for the electricity it eventually generates, said Alistair Osborne in The Times. The promise of Sizewell is that it may one day bring us "baseload power", complementing wind and solar. But taxpayers have a right to know "if the costs of delivering it will be radioactive".