work on the second reactor at Hinkley Point C being completed 30% faster than the first reactor, which 'is thought to have substantially mitigated' the risk in taking a stake in the project. On 14 December 2020, the UK government published an energy white paper setting out its plans to "transition to net zero", and announced the start of negotiations with EDF, with a view to starting investment on "at least one" new power station before the end of the current parliament in 2024. CGN is thought to be planning to withdraw from the project. On 20 July 2022, the planning application was approved and a Development Consent Order was issued by the Secretary of State. On 3 November 2022, the plant was placed under review in the government's effort to cut spending. Chancellor of the Exchequer Jeremy Hunt confirmed on 17 November 2022 that construction would go ahead, with initial contracts to be signed "within weeks". Timeline Construction The Sizewell C project is expected to take between nine and twelve years to construct and commission. EDF expects significant time and cost savings compared to the near-identical sister plant, Hinkley Point C. The projected construction cost of £20billion for Sizewell C when the application for a nuclear site licence was submitted in 2020 is 25% higher than the £16billion that were projected for Hinkley Point C at a similar stage of the planning process in 2012, raising doubts about EDF's claim. Financing The Sizewell C project is expected to cost £20billion to £30billion. The project is being led by EDF Energy and CGN, which own 80% and 20% of the project, respectively. EDF is looking to the UK government to assist with financing either by offering a Regulated Asset Base model, though that puts an immediate cost burden on end consumers, or with other approaches such as a government equity stake in the development, as the company is unwilling to take on further risk within the UK. On 30 June 2020, EDF announced that it had applied to the Office for Nuclear Regulation for a licence to build and operate Sizewell C. On 14 July 2020, 32 companies and organisations from the UK nuclear supply chain formed a consortium to encourage the government to support the state-guaranteed financing model for Sizewell C, Regulated Asset Base, which the consortium says would reduce the cost of new nuclear projects by having consumers