UK ministers will put nuclear power at the heart of Britain’s strategy to reach net zero carbon emissions by 2050 in government documents expected as early as next week, alongside fresh details of its funding model.
Kwasi Kwarteng, business secretary, is to unveil an overarching “Net Zero Strategy” paper as soon as Monday, along with a “Heat and Building Strategy” and a Treasury assessment of the cost of reaching the 2050 goal.
The creation of a “regulated asset base” (RAB) model will be key to delivering a future fleet of large atomic power stations. The RAB funding model is already used for other infrastructure projects, such as London’s Thames Tideway super sewer.
Under the scheme, households will be charged for the cost of the plant via an energy levy long before it begins generating electricity, which could take a decade or more from when the final investment decision is taken.