Urenco response to UK Nuclear Energy (Financing) Bill receiving Royal Assent

The bill, which introduces a regulated finance base model (RAB) to improve the way new nuclear power plants are financed, received Royal Assent yesterday, March 31, 2022.

The RAB model will bring costs down when it comes to building new nuclear capacity that the UK urgently requires if it is to hit decarbonisation targets.

It will help enable Sizewell C and support further large nuclear development such as at Wylfa Newydd as well the potential for a fleet of small and advanced modular reactors.

It’s tried and tested elsewhere in regard to large infrastructure projects and helped to secure funding for the Thames Tideway Tunnel sewerage project, for example. 

The lifetime consumer benefit per large-scale station is furthermore significant, with Government estimates at between £30 and £80 billion. 

Emilie Isaacs, Head of Government Affairs for Urenco, said: “The passing of this bill is great news and an important step forward for the nuclear industry, consumers and, more widely, UK efforts to achieve net zero and strengthen its energy security.  

“Nuclear is one of the few technologies available that can provide consistent, low carbon electricity and will also help reduce the UK’s dependency when it comes to unpredictable global gas prices, as we are seeing today.   

“There is a great deal of support across the UK from businesses, trade unions, and the supply chain who are all ready to deliver on the next generation of nuclear power, and we look forward to playing a role in supporting the Government to drive forward their ambitions.” 
 

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