The UK’s proposed overhaul of the financing mechanism for nuclear power plants will attract more local investors, making the government less dependent on taxpayers and overseas investors such as China, said the developer of the £20bn Sizewell C project.

A bill passing through parliament implements the regulated asset base, or RAB, model to encourage private-sector investment in nuclear power and dilute the construction risk shouldered by UK taxpayers and developers. A key element is the link to the Consumer Price Index, thus making it an attractive investment for UK pension funds, according to EDF.

“I’m confident that the RAB model will bring forward a lot more UK investment and reduce our reliance on overseas investors,” Sizewell C’s director of financing, Julia Pyke, told MPs meeting to discuss the new legislation.