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The bill, which introduces a regulated finance base model (RAB) to improve the way new nuclear power plants are financed, received Royal Assent yesterday, March 31, 2022.
The RAB model will bring costs down when it comes to building new nuclear capacity that the UK urgently requires if it is to hit decarbonisation targets.
It will help enable Sizewell C and support further large nuclear development such as at Wylfa Newydd as well the potential for a fleet of small and advanced modular reactors.
It’s tried and tested elsewhere in regard to large infrastructure projects and helped to secure funding for the Thames Tideway Tunnel sewerage project, for example.
The lifetime consumer benefit per large-scale station is furthermore significant, with Government estimates at between £30 and £80 billion.
Emilie Isaacs, Head of Government Affairs for Urenco, said: “The passing of this bill is great news and an important step forward for the nuclear industry, consumers and, more widely, UK efforts to achieve net zero and strengthen its energy security.
“Nuclear is one of the few technologies available that can provide consistent, low carbon electricity and will also help reduce the UK’s dependency when it comes to unpredictable global gas prices, as we are seeing today.
“There is a great deal of support across the UK from businesses, trade unions, and the supply chain who are all ready to deliver on the next generation of nuclear power, and we look forward to playing a role in supporting the Government to drive forward their ambitions.”
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About Urenco
Urenco is an international supplier of enrichment services and fuel cycle products with sustainability at the core of its business. Operating in a pivotal area of the nuclear fuel supply chain for 50 years, Urenco facilitates zero carbon electricity generation for consumers around the world.
With its head office near London, UK, Urenco’s global presence ensures diversity and security of supply for customers through enrichment facilities in Germany, the Netherlands, the UK and the USA. Using centrifuge technology designed and developed by Urenco, and through the expertise of our people, the Urenco Group provides safe, cost effective and reliable services; operating within a framework of high environmental, social and governance standards, complementing international safeguards.
Urenco is committed to continued investment in the responsible management of nuclear materials; innovation activities with clear sustainability benefits, such as nuclear medicine, industrial efficiency and research; and nurturing the next generation of scientists and engineers.
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