To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to help ensure future investment in the UK’s nuclear sector after completion of Hinkley Point C.
30 June 2021
My Rt. Hon. Friend the Prime Minister’s Ten Point Plan and the Energy White Paper set out multiple plans and objectives for supporting the UK’s nuclear sector.
For large-scale nuclear, we aim to bring at least one large-scale nuclear project to a Final Investment Decision this Parliament and entered negotiations with EDF on Sizewell C. A large-scale nuclear power plant could support a peak of around 10,000 jobs during construction and provide significant investment opportunities. Having consulted on the Regulated Asset Base (RAB) model for funding new nuclear, we are continuing to discuss this model with project developers and to consider the potential role of Government finance during construction, provided there is value for money and subject to relevant approvals.
We are also investing further in Small Modular Reactors and Advanced Modular Reactors. We announced the £385m Advanced Nuclear Fund, comprised of up to £215m to develop a domestic SMR power plant design and up to £170m for an ambitious AMR programme.