British government invests over £14 billion in new nuclear power plant

The British government plans to invest £14.2 billion (roughly CZK 416 billion) in the project to build the new Sizewell C nuclear power plant. The UK Treasury announced the investment today. According to the government, construction of the power plant, which has been in planning for several years, will directly employ 10,000 people and create thousands more jobs at supplier companies.

"Today, we are once again investing in renewing Britain, through the biggest nuclear energy construction programme in a generation," Finance Minister Rachel Reeves said.

"We are creating thousands of jobs and kickstarting economic growth," she added.

The new power plant will be able to meet the energy needs of six million households, according to the government. Energy Minister Ed Miliband described the development of nuclear energy as a path to a "golden age of abundant clean energy". "It is the only way to protect household finances, take back control of energy and address the climate crisis," he added.

According to Reuters, Britain is seeking new investors for the Sizewell C power plant project, but today's government announcement does not mention the involvement of any additional parties. Nor does it provide information on the project's total cost or expected completion date.

Sizewell C was originally a project of French power company EDF. However, the British government now holds a majority stake in the project, while EDF is a minority shareholder, Reuters notes. Simone Rossi, head of EDF's UK operations, welcomed the British government's decision to invest over £14 billion in the project.