Deal agreed to extend Sizewell B plant to 2055

Sizewell B nuclear power station has been granted a 20-year lifetime extension by the Government to continue generating electricity until 2055.

The Suffolk-based nuclear plant had been due to close in 2035.

However, a new deal has been agreed by the Government and owner EDF, with support and investment from Centrica, which owns a 20 per cent share of the power station.

The Government says the deal will reduce the costs of Britain’s energy system, protect billpayers from exposure to volatile fossil fuel markets, power 2.5 million homes with clean electricity and maintain 900 skilled jobs.

Chancellor Rachel Reeves said: “This is a real vote of confidence in the hundreds of skilled workers in Suffolk who will power Britain’s clean energy future, delivering the long-term certainty that businesses and workers need.”

The Government is also backing projects including Britain’s first small modular reactors in Anglesey and the construction of Sizewell C, alongside Sizewell B, as part of what it says will be a nuclear “golden age”.

Chris O’Shea, Centrica chief executive, said: “We welcome the constructive engagement with the Government in reaching this agreement.

He added the “contract for difference” deal “gives Sizewell B a clear, regulated framework through to the 2050s”.

Centrica, which owns British Gas, acquired a 15 per cent stake in Sizewell C, which is currently under construction.

The Government is the biggest equity shareholder in the nuclear development, with a 44.9 per cent stake.

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