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UK govt’s budget – £1.7 billion direct government funding to enable Regulated Asset Base funding for new nuclear

Buying out Chinese state owned CGN’s 20% stake in EDF’s Sizewell C development is likely to be dwarfed by the sum the UK government earmarked to smooth the nuclear project’s progress to financial close, an academic has estimated.

The Budget, published last month, included a new allocation of £1.7 billion direct government funding to enable a final investment decision on one large-scale nuclear project to be achieved during the current Parliament. Giving evidence to the Parliamentary committee which has been set up to scrutinise the government’s bill to allow the regulated asset base (RAB) model to be applied to nuclear projects, Professor Stephen Thomas of Greenwich University estimated that EDF and CGN had so far spent about £500 million on developing the Sizewell C project – buying out CGN’s minority stake in Sizewell C is likely to be a “tiny fraction” of the £1.7 billion allocated to nuclear in the Budget.

 Utility Week 22nd Nov 2021

November 27, 2021 - Posted by | politics, UK

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