Consultation and notice of proposed modifications to Sizewell C regulatory framework

Details of outcome

We received a response from the licensee, Sizewell C Limited.

Sizewell C broadly supported our proposals to modify, both by direction and via statutory consultation, the Special Conditions of the Electricity Generation Licence, the Price Control Financial Model (PCFM), the Price Control Financial Handbook (PCFH) and Cost of Debt Adjustment (CDA) Calculation Model.

We carefully considered the feedback received and potential impacts to Sizewell C and consumers. Based on this, we will proceed with the proposed modifications to the Sizewell C regulatory framework.

View updated Price Control Financial Model and guidance: Sizewell C.

Read the full outcome

Original consultation

Statutory consultation

We are consulting on proposed modifications to the Sizewell C regulatory framework, including amendments to the Special Conditions of the Electricity Generation Licence, Price Control Financial Instruments (PCFIs), and Cost of Debt Adjustment (CDA) Calculation Model.

The proposed changes are intended to ensure regulatory calculations can correctly reflect charging years that are longer or shorter than 12 months (the 17-month first charging year), prevent over- or under-remuneration, and improve consistency across the licence, PCFIs and CDA Calculation Model so that key revenue-setting and financial administration mechanisms operate as intended.  

Notice of proposed modifications

We are also asking for input on a notice of proposed changes by direction to the Sizewell C regulatory framework, including proposed modifications to the Price Control Financial Instruments and Cost of Debt Adjustment Calculation Model.

The proposed changes are considered necessary to correct errors of functionality and ensure the models function effectively in order to calculate the Allowed Revenue in accordance with the licence.  

Some of the files attached below are not fully accessible. If you require an alternative format, please contact nuclearRAB@ofgem.gov.uk.

Who should respond

• Sizewell C Limited
• current and prospective investors
• consumer representative bodies