Nuclear Power: Investment

(asked on 21st October 2021) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the potential effect of bringing at least one large-scale nuclear reactor to final investment decision on (a) the future energy security of the UK and (b) the long-term stability of energy prices.


Answered by
Greg Hands Portrait
Greg Hands
Minister of State (Department for Business and Trade)
This question was answered on 27th October 2021

New nuclear power has a key role to play as the Government works to reduce the UK’s reliance on fossil fuels and our exposure to volatile global gas prices. My Rt. Hon. Friend the Prime Minister’s Net Zero Strategy published on 19 October committed to legislating for a Regulated Asset Base (RAB) funding model for new nuclear projects to facilitate a final investment decision this Parliament on one large scale nuclear plant. On 26 October, the Government introduced the Nuclear Energy (Financing) Bill. The RAB model could reduce the cost of financing new nuclear power plants, saving the average dual fuel household more than £10 per year throughout the life of each nuclear power station, which can operate for 60 years. In December 2020, the Government announced the start of formal negotiations on Sizewell C and those negotiations are ongoing.

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