Sarah Newton
Main Page: Sarah Newton (Conservative - Truro and Falmouth)
Chris Huhne
The hon. Gentleman is being slightly unfair, given that our proposal provides precisely the certainly and clarity to investors that will mean a real increase in investment in all of those low-carbon technologies. I very much hope that his constituency benefits from that process.
Sarah Newton (Truro and Falmouth) (Con)
I believe that this reform package could unlock billions of pounds of private sector investment, and that it is critical for our national security and new technology, including marine and deep geothermal energy. What analysis have the Government undertaken to estimate how much money will be unlocked by the reforms?
Chris Huhne
Ofgem’s overall estimate is that we need new energy infrastructure investment across all energy sources, including gas, of £200 billion. In terms of plant and grid connections alone for electricity, we are talking about £110 billion over the next 10 years. That is roughly double the normal level of energy investment that takes place in this country. That will be a significant source of demand to fuel the recovery, and of extra jobs, and there will be enormous opportunities for growth throughout the country.