British government approves investment plan for new nuclear power plant

The British government has given final approval to a £38 billion investment plan (roughly CZK 1.1 trillion) to build the new Sizewell C nuclear power plant. In a press release today, it said it would be the project's largest shareholder, with a 44.9 percent stake. According to the government, the new plant will be able to meet the energy needs of six million households.

The other shareholders in the project will be Canadian pension fund La Caisse, British energy company Centrica, French utility group EDF and British infrastructure investment firm Amber Infrastructure.

"Today we are announcing an investment that will provide millions of homes with clean energy produced domestically for generations to come," Energy Secretary Ed Miliband said.

According to Miliband, the investment is necessary to usher in a "new golden age" of nuclear power.

In June, the British government said it planned to invest £14.2 billion in the project. The power plant, which has been in the planning for several years, will directly employ up to 10,000 people and create thousands more jobs at suppliers, according to the government.