Department of Energy and Climate Change
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New nuclear funding watchdog ready to go

New nuclear funding watchdog ready to go

DEPARTMENT OF ENERGY AND CLIMATE CHANGE News Release (2009/039) issued by COI News Distribution Service on 31 March 2009

The line-up of the board of the Government's watchdog to oversee the decommissioning and waste disposal funding arrangements is completed today. The Nuclear Liabilities Financing Assurance Board (NLFAB) will scrutinise the financing plans for the decommissioning and cleanup of nuclear waste from new nuclear power stations. This is in line with the Government's commitment that the taxpayer will not have to shoulder any costs for clean-up.

Energy and Climate Change Minister Mike O'Brien announced the appointments of:
* Lawyer - Anne Baldock, Global Head of Allen& Overy LLP's Projects, Energy and Infrastructure Practice, Allen and Overy LLP

* Fund Manager - Antony Osborn-Barker, Global Head of Pensions, BNP Paribas

* Environmentalist - Simon Carroll, Programme Officer, National Centre for Biological Diversity, Swedish University of Agricultural Sciences & Uppsala University

* Economist - Dr Anthony White, MBE, Senior Adviser to Climate Change Capital

* Actuary - Simon O'Regan, Global Head of Regions, Mercer

* Nuclear engineer / waste and decommissioning specialist - Norman Harrison, Chief Executive, UKAEA

Energy and Climate Change Minister Mike O'Brien said:

"Nuclear energy is an affordable, low carbon, dependable and safe technology that is important for our low carbon future. But we've always said the taxpayer should be protected from the costs of decommissioning and waste disposal arising from new nuclear power stations. The NLFAB will be another piece of armor to help ensure they get that protection.

The diverse expertise of the board will ensure the NLFAB can provide the independent scrutiny and advice we need."

Lady Balfour, who was appointed as the Chairman of the NLFAB last year, said:

"The NLFAB will be providing independent scrutiny of the financing arrangements that will last decades into the future. The work of the NLFAB will require hard thinking and robust negotiation. This will help ensure that energy companies pay for the full costs of decommissioning and their full share of costs associated with nuclear waste management and disposal. I'm looking forward to working with the new board appointed today."

Notes to editors:

1. The Nuclear Liabilities Financing Assurance Board (NLFAB) is being set up to provide assurance that appropriate financial arrangements will be put in place by the operators of any new nuclear power stations in England, Wales or Northern Ireland to meet the costs of decommissioning and waste management arising from these stations.

2. This will involve scrutinising the Funded Decommissioning Programme submitted by potential operators, and making recommendations to Ministers on the suitability of the financial arrangements within the programme.

3. Once approved, the Nuclear Liabilities Financing Assurance Board will also provide advice to the Secretary of State on the regular reviews and ongoing scrutiny of financial arrangements.

4. It is anticipated that the first meeting of the Nuclear Liabilities Financing Assurance Board will take place in June 2009.

5. The policy objectives behind the formation of the Nuclear Liabilities Financing Assurance Board were set out in the 'Consultation on Funded Decommissioning Programme Guidance for New Nuclear Power Stations' which can be found on the BERR website at http://www.berr.gov.uk/files/file44486.pdf.

6. This appointment has been made in accordance with the requirements of the Office for the Commissioner for Public Appointments. None of the members declared any political activity, however it is noted that Dr Anthony White is Senior Advisor to the Commission on Environmental Markets and Economic Performance.

7. Members of the Nuclear Liabilities Financing Assurance Board receive remuneration of £500 per diem. These are three year appointments starting from the 1 March 2009, or 1 May 2009.

8. Biographical details of the board members are below:

Lady Balfour of Burleigh

A writer, Lady Balfour of Burleigh is also a non-executive Director of the Scottish Oriental Smaller Companies Trust and Close Enterprise VCT. She is senior independent Director and Chairman of the Safety and Environment Committee at Stagecoach plc, and also Chairs Murray International's Remuneration Committee. She taught politics and modern history at Oxford University before moving to the Central Policy Review staff in the Cabinet Office. She has worked for numerous public and private organisations.

Anne Baldock

Anne Baldock is the Global Head of Allen& Overy LLP's Projects, Energy and Infrastructure Practice. She has been a partner in the finance practice of Allen & Overy since 1990 and served on the global board of the Partnership between 2001 and 2006.

She has a wide experience of corporate, banking and finance related legal work. As well as international energy and infrastructure transactions, Anne acted on the first ever PPP to close in the UK and has, since then advised on a number complex transactions within the industry including the first PPP Project to be bond financed, the first to include a funding competition, the first bond financed merchant plant in the UK.

Her practical legal experience extends across the power, energy, rail, roads, health, prison, and university accommodation sectors and she is known for her pragmatic and commercial approach.

As well as advising within the projects sphere, Anne has advised on numerous acquisition financings, secondary market sales of equity and loan portfolios and other structured products and has experience of the bond and lending markets and of derivatives and other areas.

Anne is listed in Legal Business's 50 Most Influential Women in Law, October 2007.

Simon Carroll

Simon Carroll has extensive international experience in radioactive waste management and the environment, having participated in work at the IAEA, OECD/NEA, European Commission and a range of international conventions. Currently a programme officer at the Swedish Centre for Biological Diversity, he previously worked as a senior policy advisor to Greenpeace International. He has qualifications in radiochemistry, medicine and EU law, and is a member of several professional associations including the International Nuclear Law Association, the International Union of Radioecologists and the Society for Risk Analysis. He lives in Stockholm and holds dual New Zealand and Swedish citizenship.

Norman Harrison

Norman Harrison was appointed Chief Executive Officer of the UK Atomic Energy Authority in February 2007. Norman is successfully leading UKAEA's transformation into a vibrant new British company winning work in the public and private sectors.

Norman's previous role with the UKAEA was as Director Dounreay Division to which he was appointed on 1st November 2003. He has transformed the Dounreay site into a project focussed organisation, integrating expert staff from UKAEA's alliance partners to facilitate knowledge transfer and to ensure UKAEA utilises best practice from across both nuclear and non nuclear industries.

Norman's career before joining UKAEA was in the nuclear power generation sector. A native of Manchester and chemist by profession, he achieved a top national award when qualifying as a Graduate of the Royal Society of Chemistry. He was Station Director at Heysham 1 in Lancashire before being appointed Director of Sizewell B, British Energy's flagship PWR in Suffolk, the post he held prior to being appointed at Dounreay.

Norman is an independent Governor of the Metropolitan University of Manchester.

Norman and his wife Jacqueline live in Buckinghamshire. During rare moments of relaxation, Norman admits to being passionate about football and completely sold on opera, particular the works of the Italian composer, Puccini.

Antony Osborn-Barker

As Global Head of BNP Paribas' pension advisory group, Antony led teams in multiple countries to deliver the widest range of banking, investment, insurance and custodial resources.

Formerly Head of Investment Services at Deloitte, Antony has advised governments, supranational and public sector entities including the UN's global pension fund and investment management service, Sweden's AP Fonden, the Department of Work and Pensions on establishing the Pension Protection Fund, the Lord Chancellor's Office, corporates (including WH Smith's groundbreaking derivatives transaction), trustees, asset managers and insurance companies on policy, strategy, risk management, transaction due diligence and governance.

With a degree in Banking & Finance, Antony trained as an actuary with Mercer and Hewitt, Bacon & Woodrow. Tony is the actuarial profession's Principal Examiner in investments and directs its research programme on finance, investment and risk management as well as authoring the official responses to Government policy consultations such as the Myners' Review of Institutional Investment.

Simon O'Regan

Simon O'Regan is President of Mercer's global Retirement, Risk and Finance business, focussed on advising employers and pension funds on long-term financial risk management.

Simon qualified as an actuary in 1984. His career has covered a range of financial services areas, including insurance, pensions and investments. Simon joined Mercer in the UK in 1988, left Mercer in 1996 to join Vanguard, helping to establish their funds management business in Australia and rejoined Mercer in 1999. He led Mercer in Australia from 2000-2004, and from 2005-2008, he was Mercer's Europe Region Head.

Dr Anthony White, MBE

Dr. Anthony White MBE has been involved in almost all aspects of the energy industry, ranging from renewable energy research through to strategy, finance, international development and policy. His particular interests are the characteristics of successful utility companies faced with competitive energy markets and the constraints arising from climate change legislation.

He started his career with the Central Electricity Generating Board as a research engineer where he established a geothermal research team. He spent two years in America as a Harkness Fellow then returned to the UK and, after posts in energy strategy, safety and finance with the CEGB, joined stockbroker James Capel for the liberalization of the England and Wales power industry. After the privatization, he joined the National Grid Company where he led the introduction of the Transmission Services Scheme and subsequently returned to the City as Head of the European Utility Research team at Kleinwort Benson and later Citigroup. This team was recognised by Extel in 2002 as being the world's best sector team covering European Companies and Tony also led the research for the privatisation of Enel, Endesa, MVV, REE, Snam and Enagas.

After leaving Citigroup in 2002, he and four colleagues started Climate Change Capital, the boutique banking company, specializing in sustainable investment and which manages the world's largest private Carbon Fund. He left CCC in February 2009 and now provides advice to them, and others, through Ytilitu Limited.

He was awarded an MBE in 2004 for services to UK energy policy.

He is a non-Executive Director of the New and Renewable Energy Centre at Blyth, a member of the UK Government's Commission on Environmental Markets and Economic Performance and the High Level Stakeholder Group on the Built Environment. He sits on the Advisory Boards of Jacob & Co., the UK Energy Research Centre and Sussex University's Energy Group.

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