UK Nuclear Energy Programme

Joan Walley Excerpts

Monday 21st October 2013 Commons Chamber

[Mr Davey]

I was agreeing with a lot of what my hon. Friend said. I say to her and to all right hon. and hon. Members that we need a diverse energy mix. If we go for one form of electricity generation, that is far too risky. We need nuclear; we need renewables in all their shapes, forms and sizes; we need carbon capture and storage; and we need energy efficiency. The electricity security challenge is massive, and we need every aspect. The low-carbon challenge is massive, and we need everything to be low-carbon. Onshore wind has a role to play along with nuclear.

[Joan Walley (Stoke-on-Trent North) (Lab)]

Given that the Government have stated that the two really important conditions are value for money and no public subsidy, will the Secretary of State set out how all the details of the negotiations will now be made available to the National Audit Office so that Parliament can scrutinise them? If there is an overrun in construction or time delays, how will the £10 billion loan guarantee work? Will it be a taxpayer grant or a grant for Chinese and other companies?

[Mr Davey]

I have already made it clear to the House that this is going to be the most transparent deal ever. When my ministerial colleagues discussed the issue with Labour Front Benchers during the proceedings on the Energy Bill, we did not undertake to do what we are doing today. We are being more transparent than we promised. We have said that when the final investment contract is signed, we will publish it, and we have committed to that in the Bill. There will be very evident transparency not only on value for money and no public subsidy but an awful lot more. Of course, because we have not concluded the commercial negotiation, there are one or two commercial issues that we will not be publishing at this point, but there will be an awful lot more to see when we come to signing the final investment contract. As for cost overruns, I have made it clear to the House that by negotiating a tough deal, we have ensured that the consumer is protected from those. That did not happen in the past. We have seen cost overruns in nuclear projects time and again, and I was determined that that would not happen this time.