MPs approve Nuclear Energy Financing Bill

The new financing model aims to attract investors and bring more security for future large-scale nuclear power stations

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MPs voted last night to back legislation that introduces a new model for financing infrastructure to be used for nuclear projects.

The Nuclear Energy (Financing) Bill aims to provide a new financial support model for new nuclear power stations in the UK.

Speaking in the House of Commons, Business and Energy Secretary Kwasi Kwarteng said: “Civil nuclear has worked for this country and works for consumers. But we all know that the existing financing scheme has led to too many foreign nuclear developers walking away from projects, setting our nuclear industry back a number of years.

“While the existing Contracts for Difference model was right for Hinkley Point C, the lack of alternative funding models has significantly contributed to the cancellation of recent potential large-scale projects.

“And this includes Hitachi’s project at Wylfa and Toshiba’s project at Moorside. We urgently need a new approach to attract capital into the sector.”

Minister of State for Energy, Clean Growth and Climate Change Greg Hands said: “I am very pleased that our Nuclear Energy Financing Bill has got through the Commons unamended tonight.

“The Bill will finance new nuclear power stations, making us less dependent on foreign-owned developers and bringing in the private sector and institutional funding.”

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