Energy: Civil Nuclear Power

Debate between Baroness Bloomfield of Hinton Waldrist and Lord Lea of Crondall

Thursday 9th December 2021 Lords Chamber

[Baroness Bloomfield of Hinton Waldrist (Con)]

I apologise for not having answered that point. I was coming on to say that I would write to the noble Lord on that specific issue because I do not have enough details to hand to give him a satisfactory answer. I will share that answer with other noble Lords.

[Lord Lea of Crondall (Non-Afl)]

My Lords, I raised the question of how we are going to produce annual reporting on progress towards meeting our Glasgow targets when nuclear, for example, comes in big chunks and it is hard to know how to do an annual metric. This is the only way of finding out how we are doing as we go along. Does the Minister agree that this should be studied in Whitehall, from the Treasury to the department for the environment and all the other departments, because it is the centrepiece of what we are committed to?

[Baroness Bloomfield of Hinton Waldrist (Con)]

It is a point well made and I take it seriously, but I think we will get much more information coming out much more regularly than just an annual report of progress as we move forward with all these projects.

I am conscious of the time and I want to respond to the comments of the noble Lord, Lord Grantchester, on foreign ownership. As I have said, we welcome the role of overseas investors: we would not have EDF had we not welcomed overseas investors into the UK’s nuclear sector, but all investment involving critical infrastructure is subject to thorough scrutiny, as he will well know. Having taken the NS&I Bill through this House, we are very careful to evaluate the input of foreign interests in such critical infrastructure as nuclear.

On the noble Lord’s question about the Government’s choice of high-temperature gas reactors crowding out other advanced modular reactors, I can again confirm that we are interested in seeing all types of advanced reactor being developed. He also asked about the long-term levy to consumers. This will be determined for each project as a result of negotiations. We will protect consumers through effective due diligence on the project and, as I have said, through the role of Ofgem, and by incentives on investors to manage costs and not to have time overruns. Ultimately, the lower cost of financing achieved through the RAB should lower overall project costs for consumers. With that, I undertake to look at Hansard and, if there are any specific questions I have not answered, I will of course write to noble Lords.