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UK government close to deal for Regulated Asset Base (RAB) funding for Sizewell nuclear project

 Ministers close to deal that could end China’s role in UK nuclear power station. Exclusive: deal in which UK government would take stake in Sizewell C would risk inflaming geopolitical tensions. Ministers are
closing in on a deal that could kick China off a project to build a £20bn nuclear power station on the Suffolk coast and pump in tens of millions of pounds of taxpayer cash instead – a move that would heighten geopolitical tensions.

The government could announce plans to take a stake in Sizewell C power station, alongside the French state-backed power giant EDF, as early as next month, ahead of the Cop26 climate summit. That would be likely to result in China General Nuclear (CGN), which currently has a 20% stake in Sizewell, being removed from the project.

Under plans for Sizewell being discussed by Whitehall officials and EDF, the government could take a stake in a development company that will push it through various stages of planning and bureaucracy, sharing the costs with EDF.

Private sector investors such as the insurance funds L&G and Aviva would then be lured in
at a later stage in return for a government-backed funding model called the regulated asset base (RAB), diluting the taxpayer and EDF. Legislation on RAB funding – the same model used to fund airports such as Heathrow and water companies – is due to progress through parliament next month.

 Observer 25th Sept 2021

https://www.theguardian.com/environment/2021/sep/25/ministers-close-to-deal-that-could-end-chinas-role-in-uk-nuclear-power-station

September 27, 2021 - Posted by | business and costs, politics, UK

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