A West Cumbrian MP has welcomed progress towards the introduction of a new financing model for new large-scale nuclear projects.

Copeland MP Trudy Harrison is happy with The Nuclear Energy (Financing) Bill which had its second reading in Parliament this week.

The Bill will facilitate investment in new nuclear using the Regulated Asset Base (RAB) Model, in which consumers will contribute to the cost of new nuclear projects, during the construction phase.

Mrs Harrison said: "Ensuring we reach net-zero by 2050 is the greatest challenge we face as a country today. The urgency with which we need to act has been evident from the events at COP26 this week.

"To reach net-zero, we will require 10 times more clean energy than we have today.

"Nuclear is uniquely placed to deliver this as our only source of reliable low-carbon power, and it is so crucial from an emissions perspective that we in Britain oversee a programme of new nuclear - large and small.

The biggest hurdle to new large-scale reactors in recent years has been concern over financing.

"That is why I wholeheartedly support this Bill, which will facilitate investment in new nuclear using the RAB model that is tried and tested and will bring down the capital costs, while protecting consumers and taxpayers by attracting new private investment."

It is hoped that the Bill, proposed by Greg Hands, Minister for Business, Energy and Industrial Strategy, will encourage a greater diversity of private investment.

Also there is an aim to lower the cost of financing new nuclear and reducing the cost to consumers.

With the current set up in place to support new nuclear projects, it is developers that have to finance the construction.

They will then only begin receiving revenue when electricity-generation begins.

Due to Trudy's ministerial role she is unable to take part in chamber debates.

But in this case she has written to the Minister Hands to offer her support for the Bill.

As a follow up to the second reading this week, issues raised by members of the House of Commons or Lords will be reviewed by a committee.

This comes ahead of the Bill returning for adoption as legislation on a future date.

For more information on the RAB model visit: Future funding for nuclear plants - GOV.UK (www.gov.uk).