Oral Answers to Questions

Mary Creagh Excerpts

Thursday 14th July 2016 Commons Chamber

[Andrea Leadsom]

Nuclear power is a vital part of our work to build a secure, affordable and clean energy system to keep the lights on in the decades ahead. The Westinghouse facility in my hon. Friend’s constituency has a crucial role to play, providing the fuel that powers our nuclear fleet, as well as employment to many in his constituency.

[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.

[The Minister of State, Department of Energy and Climate Change (Andrea Leadsom)]

The Government have engaged extensively with investors since the EU referendum, sending a clear message that the UK remains open for investment and business. I am very clear that the UK is an attractive environment for investment in energy. My Department will continue to take the steps needed to deliver secure, affordable and clean energy for families and businesses across the UK.

[Mary Creagh]

As one former leadership contender to another, I commiserate with the Minister over the events of the past week and wish her well in the reshuffle today.

The manufacturers organisation the EEF told the Environmental Audit Committee, which I chair, that the decision to cancel the carbon capture and storage competition in the autumn statement came as a huge shock and damaged investor confidence in the industry. We also heard from Siemens, which has invested £160 million in the wind industry in Yorkshire, that the referendum result means it is facing a whole new set of unanswered questions. What steps is the Minister taking to bring confidence to investors in low-carbon industries?

[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.