Nuclear Power Stations

Lord Howell of Guildford Excerpts

Monday 24th February 2020 Lords Chamber

[Baroness Bloomfield of Hinton Waldrist]

I take issue with the noble Lord’s assertion that we do not take nuclear power seriously. We launched the nuclear sector deal in 2018—the fifth in a series of deals as part of the industrial strategy—and through this deal the sector has been committed to deliver a 30% reduction in the cost of new-build projects by 2030. The Government are committed to looking at alternative funding models that could improve value for money and reduce the capital cost of new nuclear projects. He is right that we have consulted on a regulated-asset base. The consultation closed on 14 October 2019 and we are currently considering responses to inform the best approach to the financing of future nuclear projects, which include the regulated-asset base and other models.

[Lord Howell of Guildford (Con)]

My Lords, I declare my registered interest and congratulate my noble friend on her new role. Does she agree that the aim of the present Government and their energy strategy is to move from 19% of electricity coming from nuclear power up to 30%? Does she also agree that the movement in that direction is extremely slow, with Wylfa suspended, Moorside cancelled, doubts about Sizewell C, the Chinese going ahead—we think—at Bradwell, and a question mark over Oldbury? The general level of progress looks thoroughly unsatisfactory. Can she ask her colleagues to ensure that a clear exposition of how this nuclear replacement fleet programme is going is presented to both Houses of Parliament very soon? From the outside, it does not look at all good.

[Baroness Bloomfield of Hinton Waldrist]

I acknowledge my noble friend’s concerns in this sector. The energy White Paper will still be published at the end of this quarter and will address some of those concerns. We have also been investing in new technologies for small and advanced modular reactors, which have significant potential to support a secure, affordable and decarbonised energy system. Although Horizon has suspended plans for Wylfa in Ynys Mon, the consent order is still live until the end of March and we are working hard to develop models that could work for Sizewell C and Bradwell, which would be a different form of reactor altogether.