Nuclear Energy (Financing) Bill

Neil Parish Excerpts

2nd reading
Wednesday 3rd November 2021 Commons Chamber

[Greg Hands]

I have good news for my right hon. Friend, which is that the regulated asset base model that we are introducing here can be used for further nuclear power plants, including small modular reactors and other key nuclear innovations. He will also know that, in the net zero review, we launched a £120 million fund for new nuclear innovations, which will allow us to increase our nuclear commitments and capabilities beyond the existing commitment to one new plant having its investment case in this Parliament.

[Neil Parish (Tiverton and Honiton) (Con)]

Further to the question from my right hon. Friend the Member for Wokingham (John Redwood), Hinkley Point C will produce between 7% and 8% of the nation’s electricity needs once both reactors are up and running. A further plant of the same size would perhaps take it to 16%, but surely we need at least 25% to 30% if we are to make sure we have enough power to keep the grid going when the wind stops and there is no sunlight.

[Greg Hands]

My hon. Friend makes a good case for supporting this Bill, which will allow the financing options to expand our nuclear power base. I appreciate his support for Hinkley Point, as the MP for a nearby area.

Nuclear Energy (Financing) Bill

Neil Parish Excerpts

Report stage & 3rd reading
Monday 10th January 2022 Commons Chamber

[Richard Graham]

I am grateful, Mr Deputy Speaker. I would have made precisely the same observation—that we must focus on new clause 1 and the amendments. In that context, it is worth mentioning that there was undoubtedly a strategic error of no new investment in nuclear during the period from 1997 to 2010, when the Opposition were in power. That is precisely why we are here today to discuss the Nuclear Energy (Financing) Bill.

[Neil Parish (Tiverton and Honiton) (Con)]

The need for a baseload of nuclear power of up to 25% is apparent. Big nuclear power stations such as Hinkley Point C that will produce about 8% will be absolutely important, especially as Hinkley Point B will soon be mothballed. We really do need to get this going, and it is a shame that when the Labour party was in power it did not develop nuclear power.

[Richard Graham]

I am grateful for my hon. Friend’s comments because they lead in to the Bill and what we are debating today, which is largely about finance and the optimum way to ensure that a new, large nuclear power station is constructed, following the success of Hinkley Point C. Indeed, obviously, the ideal thing would be to move the team seamlessly from one project to another. In all of this, it is worth paying tribute to the hugely successful operational nuclear headquarters for the whole country at EDF Energy’s offices in Gloucestershire in my constituency. One thing I hope the Minister will touch on today is how important a part they will play in the future development of our nuclear capacity, whether in further large stations such as the one at Wylfa, talked up—rightly and so effectively—by my hon. Friend the Member for Ynys Môn (Virginia Crosbie), or in any other part of the United Kingdom, as well as in the small modular reactors that have been mentioned by several Members as a key way of generating more nuclear power, and probably faster, to answer the question raised by my right hon. Friend the Member for Wokingham (John Redwood).