Financing Nuclear Briefing Series: Financial Readiness Takes Centre Stage at KPMG London

Financing Nuclear Briefing Series: Financial Readiness Takes Centre Stage at KPMG London

The second session of the Financing Nuclear Briefing Series (FNBS) convened Friday 24 October at KPMG’s London offices, bringing together leading voices from the financial and nuclear sectors to explore the theme of financial readiness for nuclear newbuild. Hosted under the Chatham House Rule, the invitation-only forum continues to serve as a vital bridge between developers and investors, advancing the nuclear investment agenda at a time of unprecedented market-driven opportunity.

Following the summer’s inaugural FNBS session, which examined financing channels for tripling nuclear capacity by 2050, this latest discussion focused on the practical lessons from the developer's "belly of the beast" perspective—most notably the Sizewell C Final Investment Decision (FID)—and the evolving financial frameworks in newcomer and expansion markets.

Key Themes and Insights

• Sizewell C has become a landmark project, a case study for designing commercially-viable nuclear projects
• The UK’s Regulated Asset Base (RAB) model offers early returns and risk-sharing for investors—potentially serving as a blueprint for other markets
• Sweden’s pathway towards building up to 10 reactors by 2045 will lead with commercial considerations and tailored financial frameworks adapted to actual market capacities
• The government, multilateral development banks and other financial organizations have a key role in supporting the deployment of nuclear projects. This role will evolve over time and will vary region to region

The nuclear industry is facing a growth challenge. Demand drivers suggest that tripling global nuclear capacity—from under 400 GW to over 1200 GW—is achievable. However, this would require significantly more capital than the industry’s historical rate: a fivefold increase from around $50 billion to over $250 billion. While governments in several newcomer and “first-in-a-while” markets are supporting new projects, achieving fleet economics and scale will demand unprecedented levels of market support. Financial readiness must be demonstrated to convert one-off builds into first-of-a-fleet (FOAF) orders.

Market signals worldwide indicate that nuclear energy is increasingly part of the least-cost pathway to energy security, system resilience, sustainability, and—critically—affordability. To deliver the tripling capacity trajectory by 2050, an extraordinary influx of fresh private capital will be needed in the near term.

King Lee, Head of Policy and Industry Engagement at World Nuclear Association, opened the event, welcoming approximately 70 senior decision-makers from across the nuclear, financial, and policy sectors.

David Stearns, Senior Finance Advisor to World Nuclear Association, moderated an expert panel on “Nuclear Financial Readiness: Lessons from Recent Projects.” Panelists included Brad Albright, Director of Corporate Finance and Analysis at Vattenfall; Dr. Matt Firla-Cuchra, UK Head of Power & Utilities and Global Nuclear Lead at KPMG; Katherine Horrell, Treasury Director at Sizewell C; and Alejandro López Delgado, Managing Director of Infrastructure at La Caisse.

Sizewell C: A New Benchmark for Nuclear Investment

The Sizewell C project, which reached FID in July, was a focal point of the conversation. Panellists highlighted its significance as the first follow-on reactor order outside Asia in nearly four decades, and as a model for attracting commercial investment in nuclear infrastructure. The panel detailed the project’s journey from concept to FID, emphasizing how early financial planning, iterative project structuring and strong governance must all work together to enable financial readiness in nuclear infrastructure.

The adoption of a Regulated Asset Base (RAB) model offered a highly calibrated approach to government support and is an appealing structure that offers early returns and risk-sharing for investors—potentially serving as a blueprint for other markets.

Sweden’s Nuclear Turnaround

Sweden’s serious ambition to build new nuclear represents a dramatic policy shift. The country moved from a renewables-only mandate to a commitment to build up to 10 reactors by 2045. The government has adopted a three-pronged support package—Contracts for Difference, state-backed debt, and risk-sharing mechanisms. Like Sizewell C, this approach follows a strong market-led approach that will serve as the foundation for financing and revenue structures.

Lessons from the Global Landscape

The panelists also discussed the role of government in general and agreed that while government support remains essential, the goal is to transition toward commercially viable, investor-led nuclear projects.

In developing countries, governments, multilateral development banks, and export credit agencies among others will be key to help overcome the unique challenges that nuclear projects face. On the flip side, these countries may benefit from reduced complexity and increase flexibility compared to developed nations.

Market signals all around the world indicate that significant amounts of nuclear energy are on the least-cost pathway to energy security, system resilience, sustainability and – critically - affordability. An incredible amount of fresh private capital will need to be available in the very near term to deliver the tripling capacity trajectory to 2050

Next Stop: Abu Dhabi & nuclear newcomer finance

The FNBS will continue into 2026. The Association remains committed to facilitating these high-level conversations and supporting members as they navigate the evolving nuclear finance landscape.