PART 4Miscellaneous and final provisions
I140Decommissioning of nuclear sites: bodies corporate not “associated”
1
In section 67 of the Energy Act 2008 (meaning of “associated” for the purposes of Chapter 1 of Part 3 of that Act), after subsection (7) insert—
8
This section is subject to section 67A.
2
After section 67 of that Act insert—
67AMeaning of “associated”: supplementary
1
In determining whether, by virtue of section 67, A has a significant interest in B, the following are to be disregarded—
a
relevant share security rights that A holds in relation to B;
b
subject to subsection (4), shares in B that are acquired by A in consequence of the exercise of relevant share security rights that A holds in relation to B;
c
any power that A has, directly or indirectly, to secure that the affairs of B are conducted in accordance with A’s wishes by virtue of—
i
relevant share security rights that A holds in relation to B,
ii
arrangements that are designed to facilitate the exercise of relevant share security rights that A holds in relation to B, or
iii
relevant asset security rights that A holds in relation to B, if A also holds relevant share security rights in relation to B.
2
A holds “relevant share security rights” in relation to B if A holds—
a
rights to enforce a security interest over shares in B,
b
rights relating to enforcement of a security interest over shares in B, or
c
rights that enable A to preserve the value of a security interest over shares in B.
3
A holds “relevant asset security rights” in relation to B if A holds—
a
rights to enforce a security interest over any of B’s assets,
b
rights relating to enforcement of a security interest over any of B’s assets, or
c
rights that enable A to preserve the value of a security interest over any of B’s assets.
4
Subsection (1)(b) does not apply if the shares acquired by A are retained by A for a purpose other than that of preserving the value of the security interest in question or of realising it.
5
In this section—
a
a reference to “shares” includes a reference to rights attached to shares;
b
a reference to A holding rights in relation to B includes a reference to—
i
A holding those rights on trust for another person, and
ii
A being the beneficiary of a trust of those rights;
c
a reference to A acquiring shares in B includes a reference to—
i
A acquiring shares in B to hold on trust for another person, and
ii
another person acquiring shares in B to hold on trust for A;
d
a reference to rights includes a reference to powers.
I241Financial provision
1
There is to be paid out of money provided by Parliament—
a
any expenditure incurred by the Secretary of State by virtue of this Act;
b
any expenditure incurred by the Competition and Markets Authority by virtue of this Act;
c
any expenditure incurred by the Authority by virtue of this Act;
d
any increase attributable to this Act in the sums payable out of money so provided under any other Act.
2
The expenditure referred to in subsection (1)(a) includes expenditure incurred by the Secretary of State for the purposes of or in connection with—
a
the establishment of a revenue collection counterparty;
b
making payments or providing financial assistance to a revenue collection counterparty;
c
making payments to a nuclear administrator or a relevant licensee nuclear company under or by virtue of Part 3.
3
Financial assistance or payments includes financial assistance or payments given subject to such conditions as may be determined by, or in accordance with arrangements made by, the Secretary of State; and such conditions may in particular in the case of a grant include conditions for repayment in specified circumstances.
4
In this section—
“financial assistance” means grants, loans, guarantees or indemnities, or any other kind of financial assistance;
“nuclear administrator” has the same meaning as in Part 3;
“relevant licensee nuclear company” has the same meaning as in Part 1;
“revenue collection counterparty” has the same meaning as in Part 2.
I642Minor and consequential provision
The Schedule contains minor and consequential provision.
I343Extent
1
The following provisions extend to England and Wales and Scotland—
b
section 42 (including the Schedule).
2
Section 40 extends to England and Wales and Northern Ireland.
3
The following provisions extend to England and Wales, Scotland and Northern Ireland—
a
section 41;
I444Commencement
1
The following provisions come into force on the day on which this Act is passed—
b
section 16;
c
2
The following provisions come into force at the end of the period of 2 months beginning with the day on which this Act is passed—
b
Part 2 (other than section 16);
c
Part 3 (except as mentioned in subsection (1)(c));
d
section 42 (including the Schedule).
I545Short title
This Act may be cited as the Nuclear Energy (Financing) Act 2022.