Sizewell B, the UK's last operating pressurised water reactor, will continue generating electricity until 2055 after EDF and the British government agreed to a 20-year life extension for the Suffolk plant.
The deal, which enables roughly £800 million of investment by EDF, was originally set to close in 2035. Under a contract-for-difference model, EDF will receive £70.50 per megawatt-hour from 2035 for the plant's output. The station currently produces about 3% of Britain's electricity, enough for the equivalent of 2.5 million homes, and the extension is projected to safeguard 900 skilled jobs in Suffolk.
Centrica, which holds a 20% stake in Sizewell B, will provide additional funding for maintenance. Station director Robert Gunn oversees the facility, which was first synchronised with the National Grid in 1995.