The Atomic Energy Authority Act 1986 (c. 3) is an act of Parliament of the United Kingdom. The effect of the Act was to put the finances of the United Kingdom Atomic Energy Authority (UKAEA) on a trading fund basis, such that what the Authority charged its customers included an element of profit.
| Act of Parliament | |
 | |
| Long title | An Act to put the finances of the United Kingdom Atomic Energy Authority on a trading fund basis; and for connected purposes. |
|---|---|
| Citation | 1986 c. 3 |
| Introduced by | Under Secretary of State for Energy (Mr Alistair Goodlad) Second Reading (Commons) |
| Territorial extent |
|
| Dates | |
| Royal assent | 19 February 1986 |
Status: Amended | |
| Text of statute as originally enacted | |
| Text of the Atomic Energy Authority Act 1986 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
The act received royal assent on 19 February 1986.[1]
Rationale
editIn 1984 the Secretary of State for Energy instigated a review of the UKAEA.[2] This established that about half of the UKAEA's annual expenditure of £400 million was grant-in-aid from the Department of Energy. The remainder was from contract work from the electricity supply industry, BNFL and others. The review recommended that the Authority should be operated on a fully commercial basis and that more work should be funded by the nuclear industry. The Act made the net assets of the Authority a debt due to the Secretary of State. The Authority was empowered to borrow up to £150 million, or £200 million with the consent of the Secretary of State.[2]
Provisions
editThe act comprised ten sections in three parts:[1]
The authority's finances
1. Commencing capital debt
2. Borrowing powers
3. Limit on borrowing
4. Loans from the Secretary of State
5. Treasury guarantees
Other provisions relating to the authority
6. Supervisory powers of Secretary of State
7. Remuneration and compensation of members of the Authority
8. Powers of Authority with respect to exploitation of results of research
General
9. Interpretation
10. Short title, commencement and extent
See also
editAtomic Energy Research Establishment
References
edit- ^ a b "Atomic Energy Authority Act 1986". Retrieved 11 August 2024.
- ^ a b "Hansard Atomic Energy Authority Bill 1986". Retrieved 11 August 2024.