A watchdog to oversee the decommissioning and waste disposal funding arrangements of new nuclear power stations was appointed by government today in a bid to protect the taxpayer from the costs of nuclear clean up.
Energy and Climate Change Minister Mike O'Brien announced the appointment of Lady Balfour of Burleigh as the Chairman of the new Nuclear Liabilities Financing Assurance Board (NLFAB).
As part of any application to build a new nuclear power station, operators will have to submit plans for decommissioning and waste management including how they will be funded. The NLFAB will provide independent scrutiny and advice on the financing arrangements of those plans which will have to be approved by the Secretary of State.
"The NLFAB will be providing independent scrutiny of the financing arrangements that will last decades into the future" said Balfour. "The work of the NLFAB will require hard thinking and robust negotiation. This will help ensure that energy companies pay for the full costs of decommissioning and full share of costs associated with nuclear waste management and disposal."