Clause 45 - Transfer of Nuclear Liabilities Investment Portfolio
Energy Bill [Lords]
Public Bill Committees, 27 May 2004, 3:15 pm
Mr Norman Baker (Shadow Secretary of State for the Environment, Environment, Food & Rural Affairs; Lewes, Liberal Democrat)
Will the Minister give a brief explanation of the rationale behind the clause?
Mr Stephen Timms (Minister of State (e-Commerce & Competitiveness), Department of Trade and Industry; East Ham, Labour)
When the NDA takes on responsibility for cleaning up BNFL's sites it should get the benefit of the fund established by BNFL to meet its clean-up costs. Clause 45 provides for the nuclear liabilities investment portfolio to be transferred by scheme to the Secretary of State and then paid into the consolidated fund. The value of the nuclear liabilities investment portfolio, which on 31 March 2003 was £3.84 billion, will then be credited to the NDA's nuclear decommissioning funding account provided for in clause 34. That is the rationale for the clause.
Question put and agreed to.
Clause 45 ordered to stand part of the Bill.
Clause 46 ordered to stand part of the Bill.