Asked by: Louie French (Conservative - Old Bexley and Sidcup)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether charities paying non-commercial rates will pay the Nuclear regulated asset base charges.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
The Nuclear Regulated Asset Base (RAB) Model (Revenue Collection) Regulations 2023 set out how RAB levies for nuclear projects will be implemented; electricity suppliers are levied for the RAB allowed revenue, which we expect to be passed on to non-exempt domestic and non-domestic consumers.
By allowing revenue from the start of the project’s construction, we expect to bring down project cost of capital and avoid the roll up of interest, the cost of which could otherwise be passed on to consumers.
Once operational, analysis shows Sizewell C could create savings of £2 billion a year across the future low-carbon electricity system, leading to cheaper power for consumers.
Asked by: Louie French (Conservative - Old Bexley and Sidcup)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what steps she is taking to help increase investment in green technologies.
Answered by Andrew Bowie - Shadow Minister (Energy Security and Net Zero)
The UK has made tremendous progress securing investment into green technologies. Recent figures indicate that the UK saw £60bn of investment in 2023.
Government continues to bring forward targeted funding, regulation and policy to drive investment – such as confirming the funding boost for our Contracts for Difference scheme, publishing our CCUS vision, and our recent announcement of support for advanced nuclear fuel.