Offshore Wind Contracts

Debate between Mick Whitley and Graham Stuart

Tuesday 12th September 2023 Commons Chamber

[Graham Stuart]

The hon. Lady is completely mistaken. We are working flat out both to reduce demand for fossil fuels in this country and to build up our renewables. I would hope she would celebrate the fact that we have the largest offshore wind sector in Europe.

[Mick Whitley (Birkenhead) (Lab)]

The Government have long been warned that their focus on CfDs as the primary mechanism for financing new renewables risks undermining investor confidence in infrastructure assets with long lifespans but significant up-front capital costs, such as nuclear and tidal range generation. Following the Government’s decision to employ a regulated asset base model to support the development of new nuclear, will the Minister now commit to looking urgently at the optimum financial model for new tidal range projects, which could make a crucial contribution to the future UK energy mix?

[Graham Stuart]

The CfD scheme is among the most successful, if not the most successful, of its sort in the world. We always look at ways in which we can improve it. We are looking at bringing in non-price factors as we finesse it, but the Opposition party’s idea of some state-run enterprise, squeezing out private investment, would destroy the opportunities going forward. We need at least another £100 billion to be invested by 2030 and if the Labour party ever did threaten to come into power, it would put all that at risk.

Oral Answers to Questions

Debate between Mick Whitley and Graham Stuart

Tuesday 4th July 2023 Commons Chamber

[The Minister for Energy Security and Net Zero (Graham Stuart)]

We estimate that the net cost excluding air quality and emissions-saving benefits will be equivalent to about 1% to 2% of GDP in 2050. As my hon. Friend knows, emissions are global, and we all need to play our part. The UK has a part to play in tandem with others, and that is why I will be working with other Ministers at the conference of the parties in Dubai.

[Mick Whitley (Birkenhead) (Lab)]

T3.   The Climate Change Committee has slammed the Government for their failure on energy efficiency, with the number of homes helped under the energy company obligation having fallen by half between 2021 to 2022 and now standing at a tenth of the level under the last Labour Government. Instead of the usual complacent nonsense, will the Minister explain why the Government are failing to insulate Britain’s homes and what he will do about it?

[Graham Stuart]

The hon. Gentleman is right to be frustrated about progress. But as the Secretary of State said, when the right hon. Member for Doncaster North (Edward Miliband), who is chuntering on the Front Bench, was in power, just 14% of homes were decently insulated; by the end of the year, it will be more than 50%. We have set up the energy efficiency taskforce because we want to go further and faster. We are determined to do more. We are spending £12.6 billion over this Parliament and the next, and—