In July 2019 the UK government’s Department of Business, Energy and Industrial Strategy (BEIS) launched a three-month consultation on use of the Regulated Asset Base (the RAB) to fund new nuclear. Such a model would require all UK electricity customers to pay up front to help EDF Energy build Sizewell C. The media reported that EDF, which has been “wooing” pensions funds for some years, suggested this could add £6 per year to every bill, even customers of renewable energy tariffs. The RAB has never before been used for new nuclear, and will require legislation before it can be applied to such projects.
TEAGS has prepared a briefing on the RAB and new nuclear (view/download below). You are encouraged to send this to your pension fund, energy supplier and any potential investors in Sizewell C that you know.
CLOSING DATE FOR THE BEIS CONSULTATION IS 14 OCTOBER. Send your own comments via RABconsultation@beis.gov.uk
If you are a consumer, outraged at the idea of paying for Sizewell C, please sign and share the petition by consumer campaign group Sum Of Us: https://actions.sumofus.org/a/no-energy-bill-surcharge-for-new-nuclear