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Nuclear Energy (Financing) Act 2022

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This is the original version (as it was originally enacted).

7Licence modifications: relevant licensee nuclear companies

This section has no associated Explanatory Notes

(1)The Secretary of State may modify a condition of a relevant licensee nuclear company’s electricity generation licence.

(2)The Secretary of State may exercise the power under subsection (1) only if the Secretary of State considers that—

(a)the total expenditure expected to be incurred by the relevant licensee nuclear company in order to complete the construction of the nuclear project is likely to exceed any cap on such expenditure included in the licence, and

(b)in consequence of paragraph (a), an adjustment is needed in relation to how the company’s allowed revenue is to be calculated.

(3)When exercising the power under subsection (1), the Secretary of State must have regard to the matters mentioned in section 6(4).

(4)The power under subsection (1) may not be exercised in relation to a relevant licensee nuclear company at any time after construction of the nuclear project has been completed.

(5)For the purposes of this section, construction of the nuclear project is to be taken to have been completed on successful completion of such procedures and tests relating to the project as constitute, at the time they are undertaken, the usual industry standards and practices for nuclear energy generation projects in order to demonstrate that they are capable of commercial operations.

(6)The Secretary of State must publish a statement setting out the procedure that the Secretary of State expects to follow in determining whether to exercise the power under subsection (1).

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