Welcome to “a new golden age” for nuclear power, said Ed Miliband, the energy secretary, as he signed off the £38bn (if we’re lucky) Sizewell C mega-plant in Suffolk. It will certainly look golden from the point of view of Centrica. The owner of British Gas is investing £1.3bn for a 15% equity stake in Sizewell on terms that look attractive for it.
Centrica’s explanation of the mechanics behind Sizewell’s financing were more helpful than the government’s because it demonstrated how far ministers have had to go to attract private investors for a project that was once advertised to cost £20bn.
