• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 2 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 days Changing Gazprom ADRs to Russian shares
  • 19 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Europe's Insatiable Thirst For Natural Gas

Europe's Insatiable Thirst For Natural Gas

Regardless of the price, Europe…

IEA Sees Higher Oil Demand This Year

IEA Sees Higher Oil Demand This Year

Global crude oil demand will…

UK Electricity Theft Breaks Records As Energy Bills Soar

UK Electricity Theft Breaks Records As Energy Bills Soar

Soaring energy prices have fueled…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Premium Content

UK Households To Foot The Bill For New Nuclear Plants

Households will reportedly soon see their energy bills hiked in order to pay for the construction of new nuclear power plants in the UK. Ministers are in the process of drawing up legislation that will allow the construction of the new £20bn Sizewell C plant in Suffolk through the use of a Regulated Asset Base (RAB) financing scheme, FT reported.

At its core, the RAB model, which is already used in the UK for large infrastructure projects like Thames Tideway, would allow builders to bill the eventual users of the plant’s energy during the construction phase.

By using such a surcharge, which would be set at an agreed level, the project would find it easier to attract more investors to the project, the logic goes.

The government launched a consultation of the funding method back in 2019. Today, the Department for Business, Energy, and Industrial Strategy (BEIS) said that it was still evaluating the RAB model.

The proposed new plant at Sizewell will have 3.2 gigawatts of electricity generation capacity, enough to power more than 6m households for six decades.

The report comes amid growing concerns over the future of the UK’s nuclear fleet, with all but one of the existing reactors set to be decommissioning come 2030.

Thus far, just new one plant, Hinkley Point C in Somerset, is under construction, leading MPs to demand that the government commit to 10 gigawatts of new nuclear by 2030.

Related: Russia Is Ready To Open The Taps

That’s in line with the recommendations of the government’s climate advisers the Committee on Climate Change (CCC).

A BEIS spokesperson said: “New nuclear will play a crucial part in this government’s plans to achieve a secure, low-carbon, affordable energy future.

“As stated in our recent consultation, the Government is continuing to explore a Regulated Asset Base (RAB) funding model with nuclear project developers, and believe that it remains a credible option with the potential to help secure private investment, and cost consumers less in energy bills long term.

“We will continue to evaluate the RAB, alongside other delivery models, and have always been clear that any new nuclear project must provide value for money for consumers and taxpayers.”

By City AM

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News