Nuclear Energy (Financing) Bill
Debate between Lord Oates and Baroness Watkins of TavistockTuesday 8th March 2022
(2 years, 1 month ago)
Grand CommitteeRead Full debate Nuclear Energy (Financing) Act 2022 View all Nuclear Energy (Financing) Act 2022 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 89-I Marshalled list for Grand Committee - (4 Mar 2022)
Lord Oates (LD)
My Lords, I will speak in particular to my Amendment 5, but I support all the amendments in this group aimed at greater transparency and accountability, particularly those in the name of my noble friend Lord Foster of Bath. I will speak briefly, as we have already discussed many of the issues on which Amendment 5 touches. As we heard previously, Clause 2(3)(b) of the Bill requires that the Secretary of State
“is of the opinion that designating the nuclear company in relation to the project is likely to result in value for money.”
The opinion of the Secretary of State is, no doubt, valuable, but what would be even more valuable for Parliament and the public is to understand what that opinion is based on, in order to be reassured that it is not simply an assertion of policy preference.
We spoke in Group 3 about the vast, full-life costs of nuclear generation when decommissioning is taken into account. The public would want to know that these costs are fully taken into account in the calculations of the Secretary of State when arriving at his opinion. In addition, it would be important to understand how the possibility of significant cost and time overruns would be factored in as well.
Amendment 5 seeks to address these issues by requiring the Secretary of State to publish a report setting out the reasons for their value-for-money opinion. Such a report would, hopefully, give Parliament and the public reassurance that these matters have been properly considered before a decision is taken to impose further costs on energy bills. I beg to move.
The Deputy Chairman of Committees (Baroness Watkins of Tavistock) (CB)
Before I formally call this amendment, I need to inform the Committee that there is a mistake on the Marshalled List. Amendment 11 should begin:
“Page 2, line 14, at end insert—”.
In relation to Amendment 5, the amendment proposed is:
“Page 2, line 14, at end insert”
the words on the Marshalled List—and Amendment 11 would come at the end of that.