The Nuclear Liabilities Fund (‘NLF’) is a Scottish registered company holding investments with a market valued at £8.96bn as at 31 March 2016, for the purpose of providing funding to meet certain waste management costs of and, in due course, the decommissioning liabilities of, the eight nuclear power stations of EDF Energy Nuclear Generation Group Limited (“EDFE”), formerly known as British Energy Group plc.
The Fund was incorporated on 28 March 1996 with the principal object of providing arrangements for funding certain long-term costs of decommissioning the nuclear power stations of EDFE existing at 20 March 1996. These comprised, and continue to comprise, seven advanced gas cooled reactor stations (“AGRs”) and one pressurised water reactor station (“PWR”).
The Fund is owned by The Nuclear Trust (the “Trust”), established by deed dated 27 March 1996 (as amended with effect from 14 January 2005), between EDFE, the Secretary of State for the Department for Business, Innovation and Skills (now the Department for Business, Energy and Industrial Strategy) (“the Secretary of State”), and five trustees, of whom three are appointed by the Secretary of State and two by EDFE. The Trust is a public trust under Scottish Law and its trustees are also directors of the Fund, the ordinary share capital of which is owned by the trustees.