The House of Lords has passed the new Nuclear Financing Bill, a proposed legislation which will cut financing costs and boost the construction of new nuclear power plants, including Sizewell C and small modular reactors (SMRs).
Last March, the British government disclosed plans to acquire a 20% stake in the mentioned Sizewell C, a 3,200MW nuclear station in Suffolk. French company EDF also seeks a 20% stake in the initiative.
It will comprise the installation of two 1,600MW European Pressurised Reactors  (EPR), C1 and C2, adjacent to the existing Sizewell B plant. Total cost is expected to exceed US$26bn.
The Nuclear Financing Bill, which will now progress to Royal Assent, considers the establishment of a Regulated Asset Base (RAB) model for the funding of future nuclear power projects.
Through RAB, in exchange for developing the infrastructure of a specific project, the company is awarded a licence to charge a regulated price to consumers.
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