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To ask the Secretary of State for Energy and Climate Change with reference to the Report by HM Treasury, Investing in Britain's Future, Cm 8669, published in June 2013, what criteria will be used to decide whether the proposed new nuclear power station at Hinkley Point C is eligible for a UK guarantee.
I have been asked to reply on behalf of the Treasury.
To be considered eligible for a guarantee a project must meet five key criteria:
nationally significant as defined in the National Infrastructure Plan (although the Government will also consider other projects of national or economic significance on a case-by-case basis); ready to start construction within 12 months from a guarantee being given and having obtained (or about to) necessary planning permission and other required consent; financially credible; dependent on a guarantee to proceed; and good value to the taxpayer.
Once a project has been deemed eligible it will go through a robust assessment and due diligence process before being submitted to Ministers for final approval of a guarantee.