英国核电的监管资产基础(RAB)模式研究

Research on Regulated Asset Base (RAB) Model for Nuclear Power in the UK

为建立低碳能源体系,减少碳排放,英国规划建设新的核电站。目前英国正在考虑将监管资产基础(RAB)模式应用于核电领域,以吸引投资者在英国投资新建核电站。RAB模式包含四个关键要素,即政府支持、经济监管机制、监管主体、收入来源。政府支持是指在项目发生特定的、小概率的重大风险事件时,政府对投资者和使用者的保障。监管主体是独立的政府机构,向项目公司授予许可证,基于经济监管机制对项目的建设和运营进行监管,并保障项目的收入来源。原则上RAB模式可以降低投资者风险,保障使用者利益,降低使用者成本,但投资基线、投资上限、风险分担机制、激励和惩罚机制的设计决定了RAB模式能否达到预期效果。专业投资者数量少、公众的接受度也是RAB模式面临的问题和挑战。RAB模式有望在英国新建核电站上应用,而在中国PPP是政府与社会资本合作的主流模式,但RAB模式的强监管、风险分担、建设期收入等优点是值得借鉴的。

To establish a low-carbon energy system and reduce carbon emissions,the UK plans to build new nuclear power stations.The UK is considering the application of regulated asset base(RAB) model in the field of nuclear power to attract investors to invest in new nuclear power stations in the UK.The RAB model contains four key elements,i.e.,government support,economic regulation mechanism,regulation subject and source of income.Government support refers to the guarantee provided by the government for investors and users in the event of a specific and small probability major risk event.Regulation subject is an independent government agency,which grants the project company the license,supervises the construction and operation of the project based on the economic regulation mechanism,and ensures the source of income for the project.In principle,RAB model can reduce the risks of investors,protect the interests of users and reduce the costs of users.However,the design of investment baseline,investment ceiling,risk sharing mechanism,and incentives and punishment mechanism determines whether the RAB model can achieve the desired effect.Few professional investors and public acceptance are also the problems and challenges faced by the RAB model.The RAB model is expected to be applied to new nuclear power stations in the UK,while PPP is the mainstream model of cooperation between the government and social capital in China.However,the advantages of RAB model,such as strong regulation,risk sharing and income during construction,are worth learning.