Government introduces financing bill for new nuclear
The Government has introduced legislation for a new funding model to pay for nuclear power stations. The Regulated Asset Base (RAB) model will lower costs for consumers.
Read details of the Government's proposals here and an explainer on the RAB model here.
In response to the announcement, a spokesperson for Sizewell C said:
"This legislation is a big step forward and will allow us to fund Sizewell C so that it delivers reliable low carbon nuclear power at a lower cost to consumers. With the appropriate consents in place, Sizewell C will be ready to begin construction in this Parliament. It is a once-in-a-generation opportunity to create thousands of jobs and training opportunities in East Suffolk. Building on the success of Hinkley Point C, it will also deliver another big boost to thousands of supply chain companies up and down the country. 70% of the construction value will go to British companies and the legislation means Sizewell C could be majority owned by British investors. Sizewell C will provide home-grown low carbon electricity to 6 million households and will help to reduce our reliance on energy imports. It will play a key role in helping the UK achieve net zero."