Nuclear RAB industry code and licence modifications

The Nuclear Energy (Financing) Act 2022 (“the Act”) makes provision for the implementation of a Regulated Asset Base (RAB) funding model to finance new nuclear energy generation projects. The Nuclear Regulated Asset Base Model (Revenue Collection) Regulations 2023 (“the Regulations”) made under the powers in Part 2 of the Act, set out the detailed mechanics of how the revenue stream would operate under the model. Section 29(1) of the Act gives the Secretary of State powers to make modifications to Transmission and Distribution Licences, and the industry codes maintained in accordance with these licences so that the revenue stream can function as intended. In this consultation we are seeking views on the proposed modifications. The modifications proposed in the consultation are to the Balancing and Settlement Code (“BSC”). They seek to: Establish EMR Settlement Limited (EMRS) as the Settlement Services Provide