Nuclear Power: Finance

Department for Business, Energy and Industrial Strategy written question – answered on 26th May 2022.

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Photo of Charlotte Nichols Charlotte Nichols Labour, Warrington North

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Answer of 14 March 2022 to Question 133181 on Private sector: nuclear energy, what the (a) purpose, (b) application process, (c) application criteria, (d) timescale and (e) launch date is for the Nuclear Fuel Fund.

Photo of Lee Rowley Lee Rowley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Government Whip, Lord Commissioner of HM Treasury

In the 2021 Comprehensive Spending Review, the Government confirmed a £75 million Nuclear Fuel Fund, to be used alongside private sector co-investment, to preserve and develop the UK’s nuclear fuel production capability. The Fund’s scope and approach is in development, including the eligibility criteria, application process and evaluation criteria. A market engagement exercise will inform the Nuclear Fuel Fund design ahead of its launch later this year.

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