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Fear the fallout of UK government’s unwise Regulated Asset Base funding for new nuclear reactors

As if consumer energy bills aren’t high enough already. The government
seems hell bent on pushing them up some more. It’s poised to press the
button on its regulated asset base funding model for new nuclear power
plants: the financial bedrock of Boris Johnson’s fantasy plans to approve
eight new reactors by 2030.

The prototype is EDF’s Sizewell C, the £20
billion project nicely located on a Suffolk flood plain. By July 8
ministers will decide whether to approve the development consent order for
the 3,200MW nuke, said to be capable of powering six million homes. The
prelude to that?

Business secretary Kwasi Kwarteng going into overdrive on
the techie document front, not least over the joys of the RAB financing
model. As the law firm Slaughter and May noted in a briefing document, “a
major criticism is that . . . risk is passed on to the end consumer during
the construction phase and in a manner that may not best incentivise
developers to minimise the risk of cost overruns”.

 Times 15th June 2022

June 16, 2022 - Posted by | business and costs, UK

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