Key Facts

• The Committee will meet at specific times from November 16th to November 30th.
• Witnesses for Tuesday, November 16th include Sizewell C Company, Westinghouse Electric Company, GE Hitachi Nuclear Energy, and others.
• Members must adhere strictly to the timings set out in the programme motion.
• The RAB model could have helped in moving forward with the Wylfa project.
• Springfields Fuels has been fuelling the majority of the UK’s nuclear fleet for almost 75 years.
• Westinghouse sees RAB as part of the solution for enabling further nuclear projects after Sizewell C.
• Nuclear energy in the UK has suffered from a series of one-off builds with lengthy gaps between them.
• Sizewell C is expected to have a risk-sharing arrangement around 50:50.
• The designation process could benefit projects by lowering their risk profile before construction starts.
• The £1.7 billion in the Budget may be for Government investment in Sizewell C.
• The RAB model is designed to come into place at financial close and track the lifetime of the asset, around 60 years for a UK European pressurised reactor.
• Decommissioning costs are priced into nuclear project pricing upfront compared to other technologies.
• The Government has concluded that the RAB model is the most cost-effective way of financing nuclear energy projects.
• The savings from using the RAB model are estimated to reduce consumer bills by a significant amount, compared to models without nuclear.
• For small modular reactors (SMRs), GE Hitachi aims for a 60-year operational contract similar to larger plants like Hinkley and Sizewell.
• The RAB model can potentially help lower the overall cost of nuclear energy by reducing financing costs and incentivizing on-time delivery.
• CGN currently holds a 20% shareholding in Sizewell C.
• No material supply chain contracts are in place with the Chinese supply chain or CGN for Sizewell C.
• The RAB model is aimed at bringing more British financing and reducing reliance on overseas investors.
• Sizewell C can raise money under the RAB model.
• The cost of nuclear builds has had some uncertainty in some cases but technical success is not uncertain.
• Hurdle rates are anticipated to be competitive, with a range based on existing UK regulated assets and may include a premium for nuclear projects.
• James Gray welcomes witnesses from Unite, Prospect, and GMB trade unions.
• Sue Ferns discusses the current crisis at Springfields nuclear fuels due to the early closure of AGR fleet.
• There are concerns about losing skilled workforce and expertise if short-term challenges are not addressed.
• The transfer of skills from Hinkley Point C to Sizewell C is seen as a no-brainer to control costs.
• Discussions with EDF aim to ensure that the workforce can transition seamlessly between projects.
• Investment in nuclear projects such as Sizewell C (£20 billion) creates significant job opportunities and supports skills development.
• Each installed megawatt of nuclear capacity supports approximately 4.7 direct and indirect jobs compared to 1.5 in offshore wind and 1.1 in solar.
• Ms Childs suggests amendments to the Bill regarding industrial relations models.
• The joint project board at Hinkley Point B includes influential union voices.
• Figures on UK content should be published.
• Equality and diversity initiatives are being promoted at nuclear sites.