Regulated Asset Base Licence Consultation

Overview

This consultation seeks views on proposed modifications to Sizewell C Limited Company’s electricity generation licence. In line with duties in the Nuclear Energy (Financing) Act 2022, the Secretary of State is required to consult on any proposed modifications.

These modifications seek to allow Sizewell C Limited to collect revenue through the Regulated Asset Base (RAB) model and puts in place a series of incentives and penalties to drive the efficient construction, commissioning and operation of the planned Sizewell C nuclear power plant in Suffolk.

In line with the provisions of the Nuclear Energy (Financing) Act 2022, the Secretary of State is consulting with the licensee (Sizewell C Limited), Ofgem, the Environment Agency and the Office for Nuclear Regulation. In addition. the Secretary of State consulting EDF, Citizens Advice and Consumer Scotland. Potential equity investors who have prequalified for the equity raise process are also invited to respond.

This consultation document must be read in conjunction with the draft licence and the Economic Guidance published on Ofgem’s website.

What happens next

The consultation period will last for 12 weeks and close on 29 January 2024.

Following our analysis of responses, we intend to publish a government response on the outcome of the consultation and how we will take the responses into account in the licence modifications to be made to Sizewell C’s licence. Alongside this, we intend to publish a summary of the responses to the consultation received.