Energy: Nuclear Power

Lord Jenkin of Roding Excerpts

Tuesday 29th May 2012 Lords Chamber

[Lord Marland]

Obviously, my Lords, I was running round in shorts 50 years ago—and in fact even now I barely understand what the noble Lord is saying. However, he is absolutely right that the fundamental point is that we need to get on with this. As I said, we will have planning permission in front of the Secretary of State by the end of this year, by December, on which he will opine until March 2013 at the latest.

[Lord Jenkin of Roding]

My Lords, although the energy Bill quite rightly spells out the details of the electricity market reform, which the industry regards as an extremely important element in helping it to reach its decision, it does not yet contain what is called the strike price. What will be the figure, and when will the Government be prepared to announce it? The strike price is what the industry is waiting for.

[Lord Marland]

As my noble friend rightly says, electricity market reform is fundamental to the setting out of future investment criteria and investment possibilities and predictability. However, we do not want to put the cart before the horse, and we want to make sure that everyone understands electricity market reform. At that point we will have a process whereby the Secretary of State will opine, having received—