nuclear-news

Nuclear Energy Financing Bill – a poisoned chalice for the UK public.

 The UK & Ireland Nuclear Free Local Authorities (NFLA) is supporting calls to MPs to reject the Nuclear Energy Financing Bill when it comes back to the House of Commons for its Report Stage reading next Monday (10th January). The Chair of the NFLA Steering Committee, Councillor David
Blackburn, called the bill a ‘poisoned chalice’ for the British public:

“This bill will mean that consumers will ultimately pay the cost of developing any new ultra-expensive nuclear power plants through a surcharge applied to customers’ electricity bills. “Civil nuclear projects are
notorious for being delivered massively above budget and enormously behind time.

Consequently, there are only two main players in the nuclear market, and these have had their financial fingers burned. “The government wants to sweeten the pill by introducing a new method of financing nuclear plants called the Regulated Asset Base. This will mean that customers pay for cost
overruns and delays, and even the cost of abortive projects, whilst the developer and operator reap all of the rewards.”

 NFLA 7th Jan 2022

 The Nuclear Energy (Financing) Bill aims to provide for a new model for
financing new nuclear power stations in the UK. This briefing covers the
Bill’s progress through Parliament, through second reading and committee
stage.

 House of Commons Library 7th Feb 2022

January 10, 2022 - Posted by Christina Macpherson | business and costs, politics, UK