Offshore Wind Contracts

Alex Cunningham Excerpts

Tuesday 12th September 2023 Commons Chamber

[Graham Stuart]

The CfD scheme is among the most successful, if not the most successful, of its sort in the world. We always look at ways in which we can improve it. We are looking at bringing in non-price factors as we finesse it, but the Opposition party’s idea of some state-run enterprise, squeezing out private investment, would destroy the opportunities going forward. We need at least another £100 billion to be invested by 2030 and if the Labour party ever did threaten to come into power, it would put all that at risk.

[Alex Cunningham (Stockton North) (Lab)]

On Teesside, we have been promised thousands of jobs in the offshore wind industry, but investors are getting a little nervous as a direct result of Government failures to provide the right business environment. What will the Minister do to get the business environment right to deliver the jobs we have been promised, which are being put in jeopardy by Government failures?

[Graham Stuart]

We are getting that balance right and we will continue to do so. Making sure that we look after the consumer is always my guiding light, and we balance that with getting the generation we need. We have seen companies such as SeAH investing in Teesside and Sumitomo looking at investing in Scotland—

[Alex Cunningham]

They are getting nervous—

[Graham Stuart]

As the hon. Gentleman decries this and talks both the area and the nation down, he then tells me that investors are getting nervous. If he were to champion all the successes we have had instead of decrying them, he might find that he would give investors even more confidence still.