{
  "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-10",
  "json_url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-10.json",
  "legislation": "eudn/2015/658",
  "legislation_title": "Commission Decision (EU) 2015/658 of 8 October 2014 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning to implement for support to the Hinkley Point C nuclear power station (notified under document C(2014) 7142) (Only the English version is authentic) (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2015-658",
  "path": "annex/A/division/10",
  "kind": "division",
  "number": null,
  "heading": null,
  "text": "Table 12\nBenchmark nuclear generation project\nSource: UK submission ‘Answers to the Commission's questions received 16 September 2014’ based on publicly available documents (Bruce Power audit report — April 2007, p. 14.: Confirmed as a project rate of return in letter from CIBC World Markets Inc. to The Ministry of Energy, Ontario, 17 October 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF, Letter from CIBC World Markets Inc. to the Ministry of Energy, Ontario, 17 October 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF Bruce Power Fairness Opinion (CIBC World Markets Inc.) — October 2005, p. 5.\nProject\nOntario Power Authority\nTechnology\nRefurbishment of Bruce Power nuclear plant\nGearing\n20-40 per cent\nReal cost of debt (pre-tax)\n6,20 per cent\nNominal target equity IRR (post-tax)\n13,7-18 per cent (12,8-17,1 per cent adjusted for current UK interest rate)\nTarget project IRR\n10,6-13,8 per cent (9,7-12,9 per cent adjusted for current UK interest rate)\nInvestment horizon (asset life)\n25 years\nInvestment size\n4bn CAD\nLevel of Revenue certainty\nFixed price CfD for remainder of plant life (25 years)\nLevel of construction risk\nLower — refurbishment, not new build, cost overrun sharing\nLevel of operating risk\nLower — staff cost overrun sharing, fuel cost pass-through\nLevel of financing risk\nLower — smaller capital project, shorter period\nContingent equity required\nUnknown",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2015/658/annex/A/division/10",
    "retrieved_at": "2026-11-01T15:14:22.986865+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}