The government is considering approval of a new model to finance the building of nuclear power stations, called the Regulated Asset Base (the RAB). Such a model would require all UK electricity customers to pay up front to help EDF Energy build Sizewell C.
- This was add a nuclear tax to all energy bills, regardless of whether customers have chosen a renewable tariff.
- This model places an unacceptable risk that consumers would be forced to pay for delays and cost overruns, for which the EPR reactors (EDF’s design at Hinkley and proposed for Sizewell C) are notorious for. An abandoned nuclear project in the US, funded by a model similar to RAB, may leave utility bill payers collectively with debts of billions of dollars.
- The RAB has never before been used for new nuclear, and will require legislation before it can be applied to such projects. The media reports that the Treasury is “not enthused” by the RAB. A government consultation took place from July to October 2019 but the nuclear industry has been seeking reassurance ever since.
What You Can Do:
* Sign and share the petition by consumer campaign group Sum Of Us, saying you don’t want to pay for Sizewell C: https://actions.sumofus.org/a/no-energy-bill-surcharge-for-new-nuclear
* Send the briefing below to your pension fund, energy supplier and any potential investors in Sizewell C that you know. RAB Briefing Paper – updated 30 August 2020