4 Nov (NucNet): The formation of a body to oversee nuclear decommissioning and waste disposal funding arrangements in the UK was announced by the government yesterday.
Energy and climate change minister Mike O'Brien said the new Nuclear Liabilities Financing Assurance Board (NLFAB) would be chaired by Lady Balfour of Burleigh.
As part of any application to build a new nuclear power plant in England, Wales and Northern Ireland, operators must submit plans for decommissioning and waste management which will include arrangements for financing those plans.
The NLFAB will provide independent scrutiny and advice on the financing arrangements of the plans, which will have to be approved by the government. The first meeting of the NLFAB is expected to be held in January 2009.
Mr O'Brien said: “Nuclear energy is an affordable, low carbon, dependable and safe technology that is important for our low carbon future. But we've always said the taxpayer should be protected from the costs of decommissioning and waste disposal arising from new nuclear power stations. The NLFAB will be another piece of armour to help ensure they get that protection."
The UK’s Office for Nuclear Development also issued the first of three discussion papers yesterday to hear the views of the general public on estimates of the costs of decommissioning and waste management.
The UK government gave the go-ahead for the possible construction of a new generation of nuclear power plants in the country in January 2008.
– by John Shepherd
>>Related reports in the NucNet database (available to subscribers)
UK Unveils ‘Action Plan’ For New Nuclear (News No. 45, 12 June 2008)
Minister’s Nuclear Role Outlined In UK’s New Energy Department (News in Brief No. 123, 14 October 2008)
Centrica Confirms Plans To Raise Money For Stake In British Energy (World Nuclear Review No. 42, 31 October 2008)
