Britain, over 14 billion pounds for nuclear project - The plant is expected to supply energy to about 6 million homes
The UK will invest £14.2 billion to build the Sizewell C nuclear power plant in southeast England.
The country is looking to build new power plants to replace its aging fleet and increase energy security, while also meeting climate targets.
The Sizewell C power station in Suffolk is expected to create around 10,000 jobs during the peak of construction and produce enough energy to power around 6 million homes.
"We need new nuclear power plants to usher in a golden age of clean energy. This is the only way to protect household finances and tackle the climate crisis," energy ministry sources announced.
The government has not said how much the project is expected to cost in total and has not given a completion date.
Sizewell is expected to use a regulated asset-based financing model, where companies building new power plants will be paid during the construction phase, reducing their development risk and allowing them to secure cheaper financing.
Critics of this model say it will hold taxpayers responsible for any cost overruns and construction delays. It will also add costs to energy bills at a time when many people are already struggling.
This would be only the second new nuclear power plant built in Britain in more than two decades, after Hinkley Point C built by French company EDF, which has suffered several delays and cost overruns. The plant is currently expected to start operating in 2029, at an estimated cost of between £31 billion and £34 billion at 2015 prices.
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