Energy Bill - Clause on Nuclear Power Financing Model

Supports the need for a long-term plan for nuclear power rather than ad hoc approaches. Advocates for learning from successful international models, like France's, which has seen continuous reactor deployment. Emphasises that the UK needs to move away from one-off plant processes and towards more efficient build methods.

Questions whether the proposed new nuclear capacity is sufficient, suggesting a need for at least 25% to 30% nuclear power generation to ensure grid stability when renewable sources are insufficient.

Agrees that additional nuclear capacity is necessary, noting that the planned Hinkley Point C plant will only produce 7% to 8% of national electricity needs.

Raises concerns about the Government's proposal being overly focused on nuclear technology, which may limit opportunities for other viable low-carbon technologies.

Supports the need for a robust nuclear programme akin to France’s Messmer plan, citing Tony Blair's later stance on nuclear power as necessary.

Highlights potential opportunities for replacing decommissioned reactors with new advanced modular reactors to support hydrogen production and stimulate local economies.

Enquires about the prospects of obtaining small modular reactors, showing enthusiasm for their deployment in his constituency.

Supports the need to expedite planning processes to facilitate investment into new nuclear power stations, particularly in areas facing imminent decommissioning of existing plants.

Questions the lack of progress on renewable technologies like pumped storage hydro projects. Urges for more balanced energy portfolio, including non-nuclear options.

Critiques the Government's approach to nuclear power projects, suggesting that baseload requirements should not be technology-specific and proposing a more flexible procurement process.

Labour supports new nuclear power as a part of the energy mix alongside renewables. The MP criticises the Government's inconsistent approach towards new nuclear over the past decade and highlights that only one plant is currently being built under this model. He emphasises the need to reconsider the financing mechanisms for new nuclear projects, particularly the RAB (regulated asset base) model proposed in the Bill, due to its potential risks and advantages. The MP also raises concerns about Chinese investment and calls for clearer intentions on managing it. He advocates for protecting consumers from cost overruns and ensuring fairness in bill payer protection.

Asks the shadow minister about the required standby capacity to back up wind and solar energy, highlighting the debate on energy mix and infrastructure needs.

Questions the financing for necessary local community mitigation measures during construction, stressing the importance of comprehensive infrastructure planning beyond just the power station itself.

Asks whether the financing model proposed for nuclear can be used for other technologies like tidal lagoons, questioning if it's fair to favour one technology over another.

Argues for regulated asset base funding model's importance in attracting private investment, reducing reliance on overseas funding. Notes that 8% of energy supply will be lost by 2025 due to nuclear plant closures, highlighting urgency. Emphasises potential for job creation and economic benefits, such as Hinkley C providing 30,000 jobs, with 70% being local.

Asked if Chris Skidmore supports Scottish tidal energy efforts and more investment in it.

Inquired what percentage of our energy will be produced by nuclear power stations by 2050, according to Chris Skidmore's estimates.

Questioned how the baseload will be covered while waiting for new large nuclear plants to be built, given that only one of 13 current reactors is likely to remain operational by 2030.

Argues that new nuclear power stations are unnecessary due to cost overruns at Hinkley Point C, lack of competition in the market, and better alternatives such as renewable energy sources. He questions the Government's proposed funding model for Sizewell C and highlights environmental concerns with nuclear waste disposal.

Responded to an intervention by stating that he will address questions at the end of the debate, indicating a disagreement with Alan Brown's stance.

Asked if costs for permanent safe disposal of radioactive waste have been fully taken into account in the financing model, reinforcing concerns about financial and environmental impacts.

Supported tidal energy but questioned its potential impact on marine ecosystems, arguing that nuclear is more environmentally friendly. Also supported pumped hydro for storage while noting the need for surplus electricity to power it.

Agreed on the importance of marine energy and called for clarification on the size of the pot available specifically for marine energy in the next contracts for difference auction round.

David Morris argues in favour of the initiative to fund nuclear power, citing the importance of nuclear energy for his constituency's economy. He mentions that two nuclear power stations in his area contribute significantly to national energy production and employment. Morris emphasises the constant supply provided by nuclear power compared to wind farms, advocating for its necessity in meeting future energy demands from electric vehicles and a fossil-fuel-free economy within 40 years.

Richard Graham interjects to support Morris's argument, agreeing that the model used for financing Hinkley Point can now be applied successfully to other projects like Sizewell C. He argues that initial risks were high due to a generation gap in nuclear power station construction but experience gained from Hinkley Point will reduce costs and risks moving forward.

Stresses that there is no economic or environmental case for further nuclear power stations, advocating instead for the acceleration of renewable energy deployment and the removal of restrictions on solar and wind. Emphasises the importance of addressing electricity demand through better insulation of buildings and innovative technologies such as tidal and wave power.

Chris Green supports nuclear energy for securing Britain's energy supply and ensuring firm baseload power. He highlights the importance of maintaining skills in the north-west, including at Sellafield, Warrington, Heysham, and Springfields near Preston. He advocates for future contracts to secure Springfields' viability, stressing its local economic benefits and apprenticeship opportunities. Green also emphasises the need to develop small modular reactors (SMRs) and advanced modular reactors (AMRs), citing Rolls-Royce's leadership in this area.

Intervened to support Chris Green's point about securing nuclear jobs and skills, referencing Vulcain Engineering’s fusion bid in Stroud. She emphasises that without future nuclear projects, vital UK jobs and expertise might be lost abroad.

Agrees with Chris Green’s reference to a 'fleet of nuclear power stations' and suggests that small modular reactors (SMRs) by Rolls-Royce could complement larger projects like Hinkley Point C and Sizewell C.

Intervened to raise concerns about the security of nuclear assets, particularly from cyber-attacks by foreign powers, highlighting the need for comprehensive planning.

Challenged Chris Green on the involvement of China General Nuclear in Hinkley Point C and its potential role at Sizewell C, expressing concerns about security.

Defends the Office for Nuclear Regulation's capabilities while questioning why state-backed companies are involved in nuclear construction. He supports legislation that could reduce reliance on foreign funding.

Mr. Green interjected during Anthony Browne's speech to express concern about the long timescale in the Bill for rolling out existing nuclear technologies, and the uncertainty regarding future technologies.

Mr. Brown interjected to question whether highlighting the £132 billion waste legacy associated with nuclear power is a form of demonisation or simply stating a harsh reality.

Mr Alun Cairns argues that nuclear power is crucial for diversifying energy supply and ensuring a stable, clean source of baseload electricity. He supports the RAB financing model proposed in the Bill as it reduces financial risks compared to traditional models. However, he also stresses the need for accurate risk assessment and cost management to ensure investor confidence.

Mr David Jones supports the Bill as it offers a new funding model that could revive projects like Wylfa Newydd in north Wales. He highlights the potential for small modular reactors and tidal lagoon power generation, emphasising the importance of attracting private investment and maintaining control over foreign sources of funding. He calls for careful cost assessment to ensure investor confidence.

Supports the Bill for its role in providing secure energy supply, keeping down consumer bills, and achieving net zero emissions. Emphasises the benefits of Sizewell C nuclear power plant in Suffolk, including job creation during construction and operation phases, apprenticeship opportunities, and economic growth.

Supports the Bill for its potential to regenerate Anglesey's economy by addressing the unemployment issues following the closure of Wylfa nuclear power station. Highlights the importance of new nuclear projects like Wylfa Newydd in providing jobs and stimulating economic growth.

Acknowledges the contributions made by previous speakers, noting Virginia Crosbie's passionate speech on behalf of her constituents. Indicates a procedural transition towards wind-up speeches.

Supports the Bill for its potential to boost employment and skills in the north of England through new nuclear projects. Mentions the positive impact of Hinkley Point C and the opportunities presented by Sizewell C, including job creation, economic growth, and decarbonisation efforts.

Indicates that the shadow Minister is slightly detained and mentions an interjection about the shadow Minister's whereabouts.

Pennycook argued that despite the bill's appearance as general enabling legislation, it is mainly concerned with Sizewell C. He stated that EDF has no intention of financing Sizewell C from its own balance sheet and private investors have not been enticed due to the current funding model being unfit for purpose. Pennycook also highlighted concerns over China’s involvement in UK nuclear power and questioned how the Government plan to disentangle themselves from agreements with CGN. He expressed reservations about shifting risk onto consumers via the RAB model, suggesting careful scrutiny of its implementation.

Brown pointed out that much of the existing nuclear fleet is going offline before Hinkley Point C comes online and questioned whether this indicates energy security without relying on new nuclear stations.

Goodwill inquired about Pennycook's views on generating large amounts of hydrogen, using nuclear energy for direct carbon capture, and synthesising jet fuel.

The Minister supports the bill, emphasising its significance in facilitating a decarbonised economy by 2050. He highlights that it creates a new funding model for future nuclear projects, which will lower costs and ensure energy security and affordability. George mentions substantial economic benefits, such as job creation (60,000 jobs) and high median salaries (£45,000). Additionally, he cites support from various organisations like the UN Economic Commission for Europe and trade unions.