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New nuclear funding watchdog appointed |
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Government plans to ensure the taxpayer does not cover the costs of cleaning up new nuclear power stations took a step forward today with the appointment of a watchdog to oversee the decommissioning and waste disposal funding arrangements.
Energy and Climate Change Minister Mike O'Brien announced the appointment of Lady Balfour of Burleigh as the Chairman of the new Nuclear Liabilities Financing Assurance Board (NLFAB).
As part of any application to build a new nuclear power station, operators will have to submit plans for decommissioning and waste management which will include arrangements for financing those plans. The NLFAB will provide independent scrutiny and advice on the financing arrangements of those plans which will have to be approved by the Secretary of State.
Energy and climate change minster Mike O'Brien said:
"Nuclear energy is an affordable, low carbon, dependable and safe technology that is important for our low carbon future. But we've always said the taxpayer should be protected from the costs of decommissioning and waste disposal arising from new nuclear power stations. The NLFAB will be another piece of armour to help ensure they get that protection.
"Lady Balfour's considerable skills and experience within the nuclear industry will play an important part in leading the Nuclear Liabilities Financing Assurance Board."
Lady Balfour said:
"The NLFAB will be providing independent scrutiny of the financing arrangements that will last decades into the future. The work of the NLFAB will require hard thinking and robust negotiation. This will help ensure that energy companies pay for the full costs of decommissioning and full share of costs associated with nuclear waste management and disposal I look forward to this challenge."
The Office for Nuclear Development also issued the first of three discussion papers today. These papers will enable people to feed in their views on the development of estimates of the costs of decommissioning and waste management. These estimates will assist NLFAB in its work by providing a benchmark against which operators' own estimates can be assessed.
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