Climate change is real: it is critical to focus on how the UK can achieve its legally binding commitment to reach net zero by 2050. To hit net zero, we need to decarbonise electricity generation and generate more electricity to support the electrification of our heating and transport sectors. We need to make big changes to achieve these targets, while ensuring that our lights stay on and our economy isn’t affected.
Sizewell C is the company responsible for delivering the Sizewell C new nuclear power plant. Nuclear power provides vital low carbon firm power to the UK electricity grid. The Sizewell C project will be a copy of the Hinkley Point C UK EPR reactor design but will be financed in a very different way. The Government is currently consulting on the RAB model for new nuclear which enable private investment. Using a fixed design (the Hinkley design was only finally approved by the regulator last year) and because Sizewell C is a copy will help reduce the costs and risks for investors and consumers.
Sizewell C is excited to be at the forefront of the UK’s aim to achieve net zero by 2050 providing approximately 7% of current UK demand in low carbon generation. Sizewell C is also very focussed on the difference that it can make to the local community and the UK as a whole providing high quality employment opportunities, training and development, and encouraging gender diversity in nuclear.
28 July 2020 08:45
mallowstreet University Digital Roundtable: Sizewell C Project Update
We are currently suffering from an unprecedented crisis due to the coronavirus pandemic. In anticipation of the end of this crisis, we must ensure that our economy is ready to recover strongly. However, we must also ensure that the UK's legally binding target to achieve net zero by 2050 is not forgotten, and that we make our recovery a strong green recovery.
For this to happen, we must seize the opportunity to develop major projects that will indelibly transform our country for the better.
Join the team from Sizewell C as they provide an update to their proposed new nuclear project in Suffolk. This project would provide 25,000 new job opportunities, a UK-wide supply chain and low-carbon energy to power 6 million UK homes. A regulated asset base model for new nuclear is currently under review by the UK government. If adopted, this financing model would allow UK financial investors, like pensions funds, to invest in the Sizewell C project. The model would provide a long-term, low risk, regulated return on investment.
This morning session is accredited for CPD points by the Pensions Management Institute (PMI) and is exclusively for pension fund decision makers and their advisers.
Julia PykeJulia leads the Nuclear Development team for the Sizewell C project. Julia has been prominent in the nuclear industry for many years. She has been working at EDF for 3 years, first as General Counsel for the Hinkley Point C project before moving across to lead the Nuclear Development Team. Prior to joining EDF Julia was Head of Power at Herbert Smith Freehills where she led the negotiation and completion of all the legal arrangements for the Hinkley Point C project as well as advising many other prominent clients in the power and infrastructure industries.
After a career of a range of senior management and consultancy roles, in asset management and pensions, Susan is now fortunate to be able to focus on areas she is passionate about: Helping to address climate change; ensuring people have sufficient monies for later life; and protecting and supporting those who are vulnerable. Currently, Susan is Chair of BNP Paribas Scheme, on the Independent Advisory Committee for Sizewell C and Chair of Cavell Nurses’ Trust.
Shekhar is a Manager in the Financing and Economic Regulation Team at Sizewell C, the company developing the proposed nuclear project at Suffolk, UK. At Sizewell C, Shekhar looks after various workstreams such as net zero initiatives, wider uses of nuclear energy, and investor engagement. Prior to joining Sizewell C, Shekhar was a senior associate in an international law firm’s energy practice.