The Sizewell B nuclear power plant is set to continue producing electricity until at least 2055 following a deal between majority owner EDF and the government to extent the facility's life.
The Suffolk plant, which opened in 1995, was due to close in 2035, but its life has now been extended for a further 20 years.
During the extended operational life, EDF is now set to invest around £800million in the facility, which employs some 620 staff and 300 contractors.
Robert Gunn, station director of Sizewell B, said: "Securing another 20 years also safeguards existing jobs and allows us to continue to recruit another generation of Suffolk young people for the nation's nuclear renaissance."
Chris O'Shea, Chief Executive of Centrica, which has a 20% stake in Sizewell B, said: "I'm delighted that Sizewell B will continue to play a key role in the UK's energy system for decades to come. Generating around 3% of the UK's electricity, Sizewell B is critical to delivering the reliable, zero-carbon baseload power that supports Britain's energy security, protects skilled jobs and underpins a more resilient economy.
"We welcome the constructive engagement with Government in reaching this agreement, providing the certainty needed to support the required investment. The agreement gives Sizewell B a clear, regulated framework through to the 2050s. This further strengthens Centrica's portfolio of long-term infrastructure assets with predictable earnings, which includes the neighbouring new nuclear power station, Sizewell C. It is good for the country, good for our customers and good for Centrica's shareholders."
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