Oral Answers to Questions

Tasmina Ahmed-Sheikh Excerpts

Thursday 14th July 2016 Commons Chamber

[Mary Creagh (Wakefield) (Lab)]

12. What assessment she has made of the effect of the outcome of the EU referendum on investor confidence in the UK power sector.

[Ms Tasmina Ahmed-Sheikh (Ochil and South Perthshire) (SNP)]

16. What assessment she has made of the potential effect of the outcome of the EU referendum on levels of overseas investment in the UK energy sector.

[Deidre Brock (Edinburgh North and Leith) (SNP)]

20. What assessment she has made of the potential effect of the outcome of the EU referendum on levels of overseas investment in the UK energy sector.

--- Later in debate ---

[Andrea Leadsom]

In fact Siemens has recommitted to its investment in Hull, which is great news for that area. I had a meeting a few days ago—it seems like a year ago—with the Offshore Wind Industry Council to talk about confidence in investment. Its members all remain committed to the UK, and EDF has reaffirmed its commitment to the UK.

Specifically on CCS, as I have said many times in this Chamber, we remain committed to looking at what our future strategy for CCS will be. The fact that the competition did not make the cut in terms of taxpayer value for money at the last spending round does not mean that we are ruling out CCS. We believe that it continues to play an important role in the future of our decarbonisation strategy.

[Ms Ahmed-Sheikh]

The recent EU referendum result has of course created widespread insecurity in this market and, indeed, the wider economy. There is now an increasing number of possible options from the Brexit negotiations, each leading to a number of regulatory and market options for the UK’s relationship with the EU, with each of these having differing implications for the investment in and trade of energy. What steps has the Department already taken to guarantee that overseas investment in our energy sector is protected, whichever of the outcomes is taken?

[Andrea Leadsom]

I believe that we will see huge opportunities in leaving the European Union. As is always the case in the United Kingdom, we will take great steps to ensure business confidence and ensure that those who have invested in this country will be able to use our very sound contract law and investor base to be able to continue to fruition with their projects.