In a step designed to protect the taxpayer and provide investor certainty, the U ...

In a step designed to protect the taxpayer and provide investor certainty, the UK government has set out statutory guidance for new nuclear operators to produce plans for funding the decommissioning of their power stations and managing their radioactive waste. This will enable new nuclear operators to come forward with clear plans to deal with decommissioning and radioactive waste management for approval by the Secretary of State.
Alongside this, the government has confirmed how it will calculate the price operators will pay for the disposal of nuclear waste in a geological disposal facility.
Charles Hendry, Energy Minister, said: ‘Nuclear operators will have to prove they have a credible plan for funding the decommissioning and safe management of their radioactive waste. This is the best way to protect taxpayers from having to pick up the bill.’
The guidance sets out that:
Operators must have insolvency-proof funds set aside for nuclear clean-up from day one of nuclear operation.
Operators must have a realistic, clearly-defined, and achievable plan for the decommissioning of any site, with a robust estimate of costs.
Funds set aside for clean up must be administered independently of the operator and the government.