Key Facts

• Amendment 1 defines 'foreign power' as a company controlled by a foreign state for investment purposes.
• Amendment 2 prevents the Secretary of State from designating nuclear companies owned or part-owned by foreign powers.
• The amendment addresses national security concerns related to civil nuclear power being critical infrastructure.
• The China General Nuclear Power Corporation (CGN) holds a 33.5% interest in Hinkley Point C.
• CGN was set to take a 20% stake in Sizewell C and gain control of planning, financing, and operation at Bradwell B.
• £1.7 billion committed to nuclear projects in the recent Budget aims to enable a final investment decision for large-scale nuclear projects.
• The UK Government's decision to allow Chinese state-operated nuclear companies to participate in critical infrastructure is questioned.
• China General Nuclear is mentioned as being allowed to invest in and possibly construct a new power station at Bradwell.
• The speaker references the US actions to remove Huawei from critical telecommunications infrastructure.
• The Nuclear Energy (Financing) Bill is about how Sizewell C gets going, comes to financial closure, and begins construction.
• There are concerns about the substantial lock-on of Chinese General Nuclear Power Corporation's (CGN) involvement not just in Sizewell but in the whole sequence of nuclear projects.
• The Red Book mentions £1.7 billion of new direct Government funding for Sizewell C, but its allocation is unclear and requires further clarification.
• The UK aims for a 78% reduction in emissions compared with 1990.
• Nuclear power plants are the only proven technology deployed at scale to provide continuous, reliable, low-carbon electricity.
• The Bill introduces a regulated asset base model for financing nuclear projects.
• £1.7 billion funding is being negotiated for Sizewell C project development.
• The Government has laid out parameters of £1.7 billion for the Sizewell C project.
• The National Security and Investment Act 2021 strengthens security requirements for critical infrastructure investments.
• The Bill aims to increase options for financing nuclear projects, potentially attracting more UK investment.
• The Bill is about financing future nuclear projects, including Sizewell C.
• Amendment 2 seeks to include additional criteria for designating a project, specifically excluding foreign ownership of nuclear companies.
• The National Security and Investment Act provides oversight for acquisitions in nuclear projects.
• Amendment 2 aims to prevent the Secretary of State from designating a nuclear company wholly or partially owned by a foreign power.
• The clause defines key terms related to nuclear companies and revenue assurance bonds (RAB).
• Fovargue remains unconvinced about the current national security regulations in place for UK nuclear projects.
• Amendment requires the Secretary of State to assess completion capability of designated nuclear companies.
• Current criteria lack an assessment of whether a company can complete its project.
• Projects have fallen through despite initial green lights.
• South Carolina's failed nuclear power project cost £9 billion.
• The project was abandoned without producing any electricity.
• Customers will continue to pay for the unfinished project for the next 20 years.
• Legal action is being taken against state officials for their lack of diligence.