Nuclear Energy (Financing) Act 2022
| Jurisdiction | UK Non-devolved |
| Citation | 2022 c. 15 |
| Year | 2022 |
(1) This section applies for the purposes of this Part.(2) “Nuclear company” means a company that holds an electricity generation licence in respect of a nuclear energy generation project.(3) References to a “designated” nuclear company are to a nuclear company in relation to which a designation under section 2(1) has effect.the company’s electricity generation licence contains modifications made under section 6(1) , andthe company is a party to a revenue collection contract.(5) “Electricity generation licence” means a licence under section 6(1) (a) of the Electricity Act 1989.(1) The Secretary of State may by notice given to a nuclear company designate the company in relation to a nuclear energy generation project in respect of which the company holds an electricity generation licence (“the nuclear project”) .(2) The Secretary of State may designate a nuclear company under subsection (1) only if the designation criteria are met in relation to the company.the Secretary of State is of the opinion that the development of the nuclear project is sufficiently advanced to justify the designation of the nuclear company in relation to the project, andthe Secretary of State is of the opinion that designating the nuclear company in relation to the project is likely to result in value for money.(4) In this Part, “designation notice” means a notice under subsection (1) .the procedure that the Secretary of State expects to follow in determining whether to exercise the power under section 2(1) , andhow the Secretary of State expects to determine whether the designation criteria mentioned in section 2(3) are met.prepare draft reasons for the designation, andconsult the persons listed in subsection (3) (including on the draft reasons) .the nuclear company that the Secretary of State proposes to designate;the Authority;the Office for Nuclear Regulation;where any part of the site for the nuclear project is in England, the Environment Agency;where any part of the site for the nuclear project is in Wales, the Welsh Ministers and Natural Resources Wales;where any part of the site for the nuclear project is in Scotland, the Scottish Ministers and the Scottish Environment Protection Agency;such other persons as the Secretary of State considers appropriate.(4) A duty imposed by subsection (1) or (2) may be satisfied by things done before the passing of this Act (as well as by things done after that time) .a description of the nuclear project,the Secretary of State’s reasons for the designation (amended as appropriate in light of consultation under subsection (2) (b) ) ,details of any conditions imposed by the Secretary of State in relation to the designation and of the consequences of a failure to comply with any such condition, andthe date of the notice.publish a designation notice, andin addition to giving the designation notice to the nuclear company being designated, give a copy of it to the other persons
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