Energy: Nuclear Power

Lord Peston Excerpts

Tuesday 29th May 2012 Lords Chamber

[Lord Peston]

My Lords, listening to this exchange takes me back 50 years to when I wrote the original Treasury paper on choice of investment in generating stations. Let me add that I got the analysis perfectly right but the facts completely wrong. In particular, I spent my time emphasising the correct rate of interest to use when the main thing that none of us forecast was the rise in the price of oil—but that is another matter. One can moan on year in, year out, but what is vitally important now is that we build some stations. Do I take it that the Government at least agree that it is about time that we got started? The planning process is so long and complex that that in itself can get in the way and cause the whole country to black out.

[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.