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35,454 Petitioners call for scrapping of UK’s “regulated asset base” (RAB) funding for Sizewell nuclear project

TASC 11th Oct 2019, Just one major problem with the Sizewell C plans is that nuclear new build projects have been largely a financial disaster. Almost every major nuclear project in the West has been plagued by delays and cost overruns: Some delays are in the order decades. Likewise, the cost overruns are of epic proportions.

Some new-build projects have had cost overruns that run into billions. Changing the funding method for the planned Sizewell C to a
regulated asset base model would shift the risk of rising costs from EDF to consumers, and could lead to even worse project planning because the existing RAB model would offer little incentive for EDF to build on-time and on-budget. EDFs investment is safe regardless, and we wind up footing the bill no matter how incompetently EDF proceeds.

TASC 11th Oct 2019,Today, campaigners from Sizewell, Hinkley Point and Bradwell nuclear sites and consumer group SumOfUs will visit the Department of Business, Energy and Industrial Strategy to deliver a 35,454-signature petition protesting the government’s proposal to subsidise new nuclear power plants by hiking energy bills.

The petition calls on the government to scrap plans to subsidise the nuclear industry through a “regulated asset base” (RAB) funding model, under which consumers would be forced to pay a surcharge on their energy bills for new nuclear power projects such as Sizewell C in Suffolk and Bradwell B in Essex. 

October 14, 2019 - Posted by | business and costs, politics, UK

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