Asked by: Wera Hobhouse (Liberal Democrat - Bath)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential implications for public expenditure of the provision of a further £5.5 billion for additional development support for the proposed new nuclear power plant Sizewell C in (a) the current fiscal year and (b) each of the next four fiscal years.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
While working towards a final investment decision on Sizewell C, we have established a new subsidy scheme of up to £5.5 billion to ensure the government can provide the project with the necessary financial support to remain on track. Decisions about providing investment and support under the scheme will be made in due course and will be subject to the relevant government approval processes, including where appropriate the upcoming Spending Review.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, when he will make a final investment decision on Sizewell C.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
The Government is committed to the development of Sizewell C, and is working to secure a Final Investment Decision (FID). Subject to receiving the relevant approvals we aim to reach FID before the end of this year.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether he is taking steps to seek new investors for Sizewell C.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
Discussions with potential investors participating in the equity raise process are ongoing. We cannot comment further on the process, as it is commercially sensitive.
We are committed to Sizewell C, which with other new nuclear projects will play an important role in the Government’s vision for achieving energy independence, lowering consumers’ bills, and securing thousands of good, skilled jobs. Work continues at pace to secure a final investment decision.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, when he plans to announce the amount of private investment raised for Sizewell C.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
Discussions with potential investors participating in the equity raise process are ongoing. We cannot comment further on the process, as it is commercially sensitive.
The Government will continue to update the House as project’s development continues.
Asked by: Laurence Turner (Labour - Birmingham Northfield)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, when he plans to make a final investment decision on the proposed construction of the Sizewell C nuclear power station.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
We are committed to Sizewell C. New nuclear will play an important role in the Government’s vision for achieving energy independence, lowering consumers’ bills, and securing thousands of good, skilled jobs.
The Sizewell C project has recently received its Nuclear Site Licence and commenced its Development Consent Order. Work continues at pace to secure a final investment decision.
The Government will continue to update the House as project development continues.
Asked by: Caroline Lucas (Green Party - Brighton, Pavilion)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, with reference to the press release dated 15 April 2024 issued by the company Framatome, entitled Framatome has signed contracts worth multi-billion euros for Sizewell C in the UK, what the monetary value is of the contracts referred to; and for what reason the contracts were signed in advance of a final investment decision for the construction of a new nuclear power station at Sizewell.
Answered by Andrew Bowie - Shadow Minister (Energy Security and Net Zero)
Agreeing contracts with major suppliers like Framatome means that the Sizewell C project can agree pricing and confirm manufacturing slots within the supply chain. This will help maintain the project’s schedule and manage overall costs, supporting Sizewell C’s value for money.
The value of these contracts is commercially sensitive, and the timing of payments under these contracts will be subject to Notices to Proceed that will be issued by Sizewell C Limited.
Asked by: Caroline Lucas (Green Party - Brighton, Pavilion)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, with reference to her Department's press release entitled Further steps to prepare Sizewell C for construction, published on 22 January 2024, which existing budgets the £1.3 billion additional investment has been made available from.
Answered by Andrew Bowie - Shadow Minister (Energy Security and Net Zero)
The investment of £1.3bn made available to the Sizewell C project last month is from the Department’s capital budgets agreed as part of the 2022 Spending Review.
The continued development of the Sizewell C project is commercially sensitive and we cannot disclose the further information at this time. The Sizewell C project is continuously reviewed and assured through the Major Projects Review Group (MPRG), and the Department has committed to publishing a value for money assessment for the project at the point of any Final Investment Decision.
Asked by: Caroline Lucas (Green Party - Brighton, Pavilion)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, with reference to her Department's press release entitled Further steps to prepare Sizewell C for construction, published on 22 January 2024, if she will publish the business case for that additional funding.
Answered by Andrew Bowie - Shadow Minister (Energy Security and Net Zero)
The investment of £1.3bn made available to the Sizewell C project last month is from the Department’s capital budgets agreed as part of the 2022 Spending Review.
The continued development of the Sizewell C project is commercially sensitive and we cannot disclose the further information at this time. The Sizewell C project is continuously reviewed and assured through the Major Projects Review Group (MPRG), and the Department has committed to publishing a value for money assessment for the project at the point of any Final Investment Decision.
Asked by: Caroline Lucas (Green Party - Brighton, Pavilion)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether unanticipated cost increases for Sizewell C will fall on consumers under the proposed Regulated Asset Base financing model.
Answered by Andrew Bowie - Shadow Minister (Energy Security and Net Zero)
The National Audit Office assessed that models such as RAB could have resulted in better value for money to consumers if they had been applied to Hinkley Point C.
Our plans for implementing the RAB model for nuclear include multiple safeguards to protect consumers’ interests. These include robust due diligence according to HM Treasury Green Book guidance prior to any final investment decisions and implementing an incentives regime for projects to manage cost and schedule.
Asked by: Alan Brown (Scottish National Party - Kilmarnock and Loudoun)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what target her Department has set for the level of private equity finance to be raised for Sizewell C; how much equity has been committed (a) in total and (b) by EDF; what deadline there is for the conclusion of the private equity-raising process; and whether her Department has set a maximum level of equity that it will commit to this project.
Answered by Andrew Bowie - Shadow Minister (Energy Security and Net Zero)
The equity raise process for the Sizewell C process is ongoing and commercially sensitive – the Government cannot comment on these matters at this stage.