Nuclear Energy Financing Bill has been approved by MPs

Nuclear Energy Financing Bill has been approved by MPs: Last night, MPs voted to support legislation that establishes a new model for financing infrastructure for nuclear projects.

The Nuclear Energy (Financing) Bill seeks to establish a new financial support model for new nuclear power plants in the United Kingdom.

“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.” Said Business and Energy Secretary Kwasi Kwarteng, speaking in the House of Commons.

“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.”

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

“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.”

Nuclear Energy Financing Bill has been approved by MPs