The UK government has unveiled a subsidy scheme valued at up to £5.5 billion ($7.23 billion) to support the development of the Sizewell C nuclear plant, which is being

constructed by France’s EDF in southeast England.

As part of its strategy to meet climate targets and enhance energy security, the UK is aiming to build new nuclear facilities to replace its ageing reactors. However, attracting additional investment has proven challenging, leading the government to commit around £2.5 billion of taxpayers' money to the Sizewell C project.

The proposed Development Expenditure Scheme, announced on Friday, is designed to fund the project's development through to the point where a final financial investment decision can be made, according to a document released by the Department for Energy Security and Net Zero.

"Funding for the Devex Scheme will be provided subject to relevant approvals," the document stated.

Once completed, the Sizewell C plant is expected to generate enough electricity to power approximately 6 million homes. Photo by. UK Government, Wikimedia commons.