Hinkley Point

Baroness Jones of Moulsecoomb Excerpts

Wednesday 11th May 2016 Lords Chamber

[Lord Bourne of Aberystwyth]

My Lords, my noble friend will be aware that the strike price is £92.50 on the assumption that we do not go ahead with Sizewell. If we do, which we may well, it will come down. This is unaffected by all these issues with the works council—the strike price is set, and increased costs and any minor difficulties do not affect the strike price at all.

[Baroness Jones of Moulsecoomb (GP)]

My Lords, I am sure the Minister is well aware that the global solar industry is doubling every two years. In spite of this Government’s withdrawal of subsidies, there will be sufficient global capacity in 12 years to cover all demand on the planet. Does that not make Hinkley Point obsolete? We will probably not even have it built in 12 years’ time.

[Lord Bourne of Aberystwyth]

My Lords, the noble Baroness is right on the growth of renewables and absolutely right to highlight the importance of that, as I have been doing repeatedly, without subsidy. But she is wrong to say that we do not need a back-up, because renewables are not constant. That is where nuclear is so important and why we need Hinkley Point C.