Britain will invest 14.2 billion pounds ($19.25 billion) to build the Sizewell C nuclear plant in southeast England, the government said on Tuesday, as part of its wider spending review which will define its priorities over the next four years.Britain is seeking to build new nuclear plants to replace its ageing fleet to help boost its energy security and also reach its climate targets.The Sizewell C plant in Suffolk is expected to create around 10,000 jobs during the peak of construction and produce enough electricity to power around 6 million homes when built."We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis," Britain's energy minister Ed Miliband said in a statement.Britain has been seeking to bring new investors into the project but Tuesday's announcement did not mention any other parties.The government has not said how much the project is expected to cost in total or given a date for when it is expected to be completed.Sizewell is expected to use a regulated-asset-base (RAB) funding model where companies building new plants would be paid during the construction phase, cutting down their development risk and allowing them to secure cheaper financing.
