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Nuclear Energy (Financing) Act 2022

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This is the original version (as it was originally enacted).

5Revocation or lapse of designation

This section has no associated Explanatory Notes

(1)The Secretary of State may by notice given to a designated nuclear company revoke the company’s designation under section 2(1) if—

(a)the company ceases to hold an electricity generation licence in respect of the nuclear energy generation project described in the designation notice, or

(b)either of the designation criteria mentioned in section 2(3) ceases to be met in relation to the company.

(2)Section 3(2), (5)(a), (b) and (d) and (6) applies (with necessary modifications) in relation to the revocation under subsection (1) of a nuclear company’s designation under section 2(1) as it applies in relation to the designation of a nuclear company under section 2(1).

(3)The designation of a nuclear company under section 2(1) ceases to have effect if—

(a)by virtue of section 3(5)(c), the designation notice specifies that failure to comply with a particular condition to which the designation is subject will result in the lapse of the designation, and

(b)the Secretary of State gives the nuclear company a notice under this subsection stating that the company has failed to comply with that condition.

(4)Where the Secretary of State gives a notice to a nuclear company under subsection (1) or (3), the designation of the company ceases to have effect at the end of the day on which the notice is given to the company.

(5)The Secretary of State must publish a notice given to a nuclear company under subsection (3).

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