Nuclear Liabilities Fund (NLF)

The Nuclear Liabilities Fund (NLF) holds approximately £9.5 billion and was established to meet the costs of decommissioning the UK’s second-generation nuclear power stations, which are currently operated by EDFE. The Fund helps ensure the industry is able to meet its security and environmental responsibilities with regard to the waste management and decommissioning of these plants.

The NLF is controlled by the Nuclear Trust, a Scottish Trust with five trustees. By convention, the trustees of the Nuclear Trust appoint themselves as directors of the NLF, with the Trust Chair chairing the NLF Board. Three of the Trustee-Directors are appointed by the BEIS Secretary of State and two by EDFE.

UK Government Investments (UKGI) on behalf of the BEIS Secretary of State is seeking to appoint a Trustee-Director with investment and finance experience to the boards of the Nuclear Trust and NLF to fill a vacancy which arises this spring with the retirement of one of the Trustee-Directors. The new Trustee-Director will also chair the NLF’s Audit Committee. The anticipated time commitment for the role is c.33 days per year.

The primary objective of the NLF board and the Trustee-Directors is to manage the Fund assets to meet its decommissioning liabilities. The Fund also has an ancillary role in offering strategic challenge to EDFE’s decommissioning plans.

The fund helps to ensure the industry is able to meet its security and environmental responsibilities with regard to the waste management and decommissioning of nuclear power plants.

Having a secure, distinct fund for decommissioning aids the effort of protecting future generations from having to shoulder these costs.

In the UK, EDFE operates and supports eight nuclear power stations. These include seven advanced gas cooled reactor stations (AGRs) and one pressurised water reactor station (PWR). Decommissioning and clean-up activities are ongoing at each site and the level will increase as electricity ceases to be generated. This critical programme of work relies on continued funding from the NLF to ensure safety and cost-efficiencies for the future.

The Nuclear Trust and Nuclear Liabilities Fund: Trustee-Director – Chair of Audit Committee

Body: The Nuclear Trust and Nuclear Liabilities Fund
Appointing Department: Department of Business, Energy and Industrial Strategy
Sector: Energy
Location: Meetings take place in London & Edinburgh
Number of Vacancies: 1
Remuneration: £28,500 per annum
Time Requirements: 33 days per annum

Announcement

An announcement has been made on the outcome of this appointment.

Margaret Stephens has been appointed as a trustee and director of the NLF with effect from 21 April 2020. This appointment is made in accordance with the Cabinet Office Code of Governance for Public Appointments