Head of Regulation - Nuclear Funding
Our client is a new department at the heart of the Government’s agenda, with a vision of an economy that works for everyone. We are looking to appoint a Head of Regulation as part of a wider team dealing with New Nuclear funding.
As part of an integrated and growing team of finance, policy, construction and regulatory experts, you will help design and evaluate a new approach to financing new nuclear power plants in the UK. This work is currently in the early stages of development and you will have considerable ability to influence and direct the regulatory and policy framework.
Working with other policy, finance and commercial colleagues and, as appropriate, Ofgem, the Office for Nuclear Regulation and the Environment Agency, nuclear developers and other interested stakeholders
To apply for this role:
- You have significant experience of working in energy and/or infrastructure, with a number of those years working in an economically regulated sector such as power or gas networks, the water sector, rail or airports;
- You have experience of working in, or with, an economic regulator (such as Ofgem or Ofwat);
- You have experience of working in, or with, regulated businesses and their shareholders;
- You have strong interpersonal and influencing skills. You can act authoritatively and gain the confidence of senior figures;
- You can communicate complex scenarios with clarity, conviction and enthusiasm to non-specialists;
- You appreciate the political context and have ideas about strategies for ensuring best value for Government and UK electricity consumers;
- You have sound judgement and can analyse and present evidence and knowledge to provide accurate, expert and professional advice;
- You can create and maintain positive, professional and trusting working relationships with a wide range of people;
- You work collaboratively, share information and build supportive, responsive relationships with colleagues. You act honestly and with integrity;
- You are focused on achieving goals in a timely and energetic manner. You take responsibility for quality outcomes; and
- You are keen to build a strong performance culture in the team around you.
- Design a regime of economic regulation for nuclear power that supports private sector involvement;
- Design a set of arrangements to govern the interface between economic, safety and environmental regulations;
- Manage the interface of the regulatory regime with government policy and support, including the wider nuclear policy framework and electricity policy more generally (such as the respose to the Cost of Energy Review and evolving policies relating to electricity generation, transmission and supply);
- Evaluate the deliverability of various structures and their ability to offer value for money to UK electricity consumers and taxpayers;
- Interact with potential debt and equity investors and rating agencies to inform the design of the regulatory regime;
- Understand the project(s) and their commercial contracting structure to comprehend the interaction with the economic regulatory regime; and
- Work with the team to brief ministers and officials across Whitehall.
This is an exciting opportunity to shape the future of economic regulation in the United Kingdom and to help the Department deliver on its promises for clean, reliable and diverse electricity generation.
Nuclear is an important part of the energy mix in this country as we work towards achieving our 2050 decarbonisation targets. However, financing nuclear projects is challenging due to the scale and risk involved. The Government will therefore have a key role to play in devising an approach to secure the delivery of new nuclear projects in the UK. An economically regulated approach could help secure delivery of the low carbon power we need at the lowest cost to consumers.
With the Secretary of State’s recent statement in Parliament announcing both the commencement of formal negotiations with Hitachi in relation to the Wylfa project and a fresh look at our approach to financing the nuclear pipeline beyond Wylfa, specifically assessing the potential of a Regulated Asset Base (RAB) funding model, our work in this area is at a critical and exciting juncture. The work is expansive, varied and multi-disciplinary, requiring the candidate to apply technical expertise to a complex policy environment. You will be working closely with Ofgem and other regulators (the Office for Nuclear Regulation and the Environment Agency), as well as with our external advisors (financial, legal, technical). You will interact with many parts of the Department as well as with HMT, IPA, UKGI, Cabinet Office and No.10. This is high profile work, and a ministerial priority.
The team will be newly created to work on the RAB funding model, and you will be at the heart of shaping the formation of the team and the direction of travel. You will report directly to the Deputy Director responsible for the team and will have regular contact with senior civil servants.