Nuclear Update

Peter Aldous Excerpts

Thursday 17th January 2019 Commons Chamber

[Greg Clark]

I am disappointed in the right hon. Gentleman who, as a former Secretary of State, I would have thought knows the changing economics of the energy market, which I set out pretty clearly. I gently remind him that, as Secretary of State, he was responsible in his time for the negotiation of the terms of the Hinkley Point C agreement, so it is surprising to hear him being so critical of it.

The right hon. Gentleman wants to take credit for one of the policies for which he was responsible but not the other, which I might uncharitably say is characteristic of his party. As with Hinkley Point, there was a recognition that financing such significant projects—£16 billion from a private company—is hard to do through the conventional channels of private investment. It is desirable to have nuclear as part of a diverse energy mix. If I might put it this way, having a substantial mix of technologies has an insurance quality. We should recognise that, but there is a limit to what we can pay for the benefit, which is reflected in my statement.

[Peter Aldous (Waveney) (Con)]

Sizewell C is an important component of the world leading low-carbon energy sector emerging along the north Suffolk coast. Can the Secretary of State confirm that the Government remain committed to Sizewell C and to negotiating a value-for-money deal with EDF?

[Greg Clark]

I can confirm that to my hon. Friend.