A new funding model has been introduced by the U.K. government to attract a wider range of private investment into new nuclear power projects, cutting the cost of financing them and reducing the cost to consumers.

The Nuclear Energy (Financing) Bill, announced by the government on October 26, will use a model known as the Regulated Asset Base (RAB) to fund future nuclear power plants in Britain. The model is tried and tested, according to the government, and has successfully financed other infrastructure projects, such as the U.K.’s Thames Tideway Tunnel and Heathrow Terminal 5.

Learn more about the RAB model.

The outlook for new nuclear construction in Wales may have taken a bleak turn, but that hasn’t stopped the Welsh government from seeking other opportunities for its nuclear industry. On February 5, the government announced the signing of a memorandum of understanding with the Sizewell C Consortium, an organization of nearly 200 businesses and trade unions from the United Kingdom's nuclear supply chain focused on ensuring that the proposed Sizewell C nuclear power station in Suffolk, England, actually gets built.

The consortium includes the firms Atkins, Balfour Beatty Bailey, Cavendish Nuclear, Doosan Babcock, EDF, Laing O’Rourke, and Mott MacDonald, as well as the unions GMB, Unite, and Prospect.

A big deal: According to the announcement, in the event that the Sizewell C project is approved, the MOU could potentially see an investment of up to £900 million (about $1.2 billion) in the Welsh nuclear supply chain and up to 4,700 jobs supported across Wales. The signatories also view the agreement as a way to help retain the Welsh nuclear skills base.

Artist’s rendering of the Sizewell site, with Sizewell C at right. Image: EDF Energy

A BBC News story from late last week states that the U.K. government “is close to giving the green light” to EDF Energy’s proposed Sizewell C nuclear new build project in Suffolk, adding that details surrounding the project’s financing “are still being hammered out.”

The Sizewell C station, consisting of twin European pressurized reactors (EPRs), would be built next to Sizewell B, a 1,198-MWe pressurized water reactor that began operation in 1995. (The Sizewell site also houses Sizewell A, a 290-MWe Magnox gas-cooled reactor, but that unit was permanently shuttered in 2006.) Sizewell C would be a near copy of the two-unit Hinkley Point C station, currently under construction in Somerset.