Lord Jay of Ewelme
Main Page: Lord Jay of Ewelme (Crossbench - Life peer)
Lord Jay of Ewelme
My Lords, I must declare an interest straight away as a non-executive director of the main Paris board of EDF. Indeed, I am the only non-French member of that board. I should stress that I favour nuclear energy not because I am a member of the EDF board; I was delighted to accept membership of the board because I believe that nuclear energy should be part of our energy mix. I hope very much that the present negotiations between the Government and EDF over Hinkley Point will succeed. A year or so ago, I would have said that they seemed condemned to do so. However, having observed negotiations more recently, albeit indirectly from both Paris and London, I do not think that success is in any way assured. Robert Peston got it right in his FT blog last week, when he talked of both sides proceeding with “cautious pessimism”. I hope that I am being too pessimistic myself. If we do not renew our nuclear capacity over the next 10 or more years, I believe that we will face real problems of energy security as existing nuclear and coal-based plants close, as gas prices rise when, as it is hoped at some point, the economy picks up, with shale gas being less significant inevitably on this side of the Atlantic than on the other side, and as wind power remains expensive and intermittent.
We would also find it much harder without nuclear as part of our energy mix to meet our carbon reduction targets. It is worth remembering that a nuclear power station will emit around five tonnes of CO2 per gigawatt hour of electricity generated, compared with nearly 500 tonnes from gas and 900 tonnes from coal. I add, in case the noble Lord, Lord Lawson, is listening somewhere, that climate change is not the only reason for clean energy. There is also a very strong public health reason for clean energy as anyone who has experienced Beijing smog in recent years will know.
For all those reasons I welcome the Government’s commitment to nuclear power. I also welcome the conclusion of the Government’s nuclear industrial strategy—in particular its review of the nuclear research and development. Nuclear R&D needs to be far more robust than it is at present. That approach is needed if we are to respond to Britain’s needs and, as the noble Lord, Lord Jenkin, said, if we are to exploit the rise of nuclear power elsewhere in the world, which is the real opportunity for us as a society. Finally, like the right reverend Prelate the Bishop of Hereford, I hope that molten salt reactors and thorium fuel will get the attention they deserve in our R & D programmes in the future, in providing the prospect of nuclear power that is safe, provides economic benefits and much more manageable waste disposal.