Swansea Tidal Lagoon
Debate between Jonathan Edwards and Antoinette SandbachWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
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Antoinette Sandbach
The hon. Lady will know that the strike price that has been agreed includes the decommissioning costs, and that Wylfa is a project that is very much welcomed in north Wales. Voters on the Isle of Anglesey are extremely supportive of the Horizon project going forward.
Citizens Advice said there was a danger that the project would repeat the mistakes that were made at Hinkley. It highlights an
“opaque negotiating process, lack of scrutiny of cost effectiveness and excessive politicisation of the decision”.
I am aware, as is every Member in the Chamber, that Assembly elections will take place in May. No doubt the project is being used to sell the dream. On behalf of my constituents, and particularly those who have difficulty in paying their bills, I welcome the review and urge an element of caution before we commit ourselves to a hugely expensive project. If it can deliver, and at the right price, it clearly needs to go ahead, because of the many advantages that have been and no doubt will be outlined in the debate. However, I want to say to the Minister that it should not be at any cost—only at a cost that is reasonable for the taxpayer. The clear, substantive advantages can be argued for, but I have concerns about the project.
Jonathan Edwards
The hon. Lady is making her point clear. Is she ideologically opposed to direct public investment, if she is opposed to the contracts for difference model?
Antoinette Sandbach
My understanding is that the rate of return to the investors in the project is 12% to 15%, which is very high. It is a very high cost to taxpayers and I query where else in the market anyone could get that kind of return. When we are talking about payments over 90 years, I urge caution. I do not say “Don’t go ahead”: I say that the review is appropriate. There could be clear advantages, and the boost that would be given to the steel industry and, no doubt, the domestic supply chain would be welcome. There are positives to be expressed, but there are also concerns, and it is right that if we are debating the project in the House we need to know some of the risks as well as potential rewards.
Draft Wales Bill (Morning sitting)
Debate between Jonathan Edwards and Antoinette Sandbach(8 years, 9 months ago)
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