argyrotsipi/train-dataset huggingface dataset:
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): The right hon. Gentleman said he was first elected in 2001, but my guess is that he was a supporter of the 1997 manifesto. What says supports what the Government have been doing here for some time, which has been to increase our nuclear capacity and make sure the financing models are in place to support the funds. I am surprised he voted against the Budget last week, with its £1.7 billion made available for new nuclear. Perhaps he might explain to his constituents why he was against that Budget.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Mark Ian Jenkinson (Conservative, Centre-right): Just to carry on the point about Labour’s involvement in this, I should point out that at his final party conference Tony Blair said: "10 years ago I parked the issue of nuclear power. Today, I believe without it, we are going to face an energy crisis and we can’t let that happen." For the first time in my life, I am going to say that Tony Blair was right. The French are reaping the rewards of Messmer’s nuclear legacy. Will my right hon. Friend commit today to his Messmer-style nuclear legacy for the UK?
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I, too, do not often agree with Tony Blair, but it was good to see his conversion in the end, albeit that it took him 10 years. I have always been a passionate supporter of nuclear power, right since I was first elected in 2005, which was round about the time of that Labour volte-face. I was a strong supporter of Labour’s changing its view at that time; it is just such a pity that there was a lost decade before it came to that view Let me move on—
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): No, I am going to make some progress. I have already given way to the hon. Gentleman The Bill could help to get new projects off the ground throughout Great Britain, including, potentially, the Sizewell C project in Suffolk, which is the subject of ongoing negotiations between EDF and the Government, as well as potential further projects, such as on the Wylfa site in Wales.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Jill Mortimer (Conservative, Centre-right): I congratulate my right hon. Friend on this landmark Bill, which will help us to reach our net zero targets by 2050. Does he agree that it creates an incredible opportunity to replace the soon-to-be-decommissioned reactor in Hartlepool with a new advanced modular reactor, which could create the high-quality, high-temperature steam that we need for hydrogen production in Teesside?
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I visited my hon. Friend’s constituency with her two or three weeks ago—in fact, it was my first ministerial visit under my new portfolio—and I was impressed by the commitment to hydrogen in the area and to our new approach to energy overall. The most important thing to understand about this Bill is that it enables future nuclear projects and a diversity of financing models, with greater access to private sector finance in particular, so that we are less dependent on overseas developers as we go forward. That is the most important thing to take away. I would of course be delighted to come back to Hartlepool to see what it has to offer in this policy space.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I think my right hon. Friend is referring to small modular reactors, the technology behind which the Government have put their support. The ability to finance them will start to come in, and I would hope to speak further on that with my right hon. Friend.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
David Thomas Morris (Conservative, Centre-right): My understanding is that eight sites around the UK currently have planning permission for new nuclear power stations. I have two nuclear power stations in my constituency and we would welcome a third; will the Bill help in some way to speed up the planning process so that we can get investment into communities? My local nuclear power stations are supposed to be decommissioned within the next 10 years.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): The Bill does not change the planning process, but it does change the investment case and the ability to bring in private sector investment, particularly institutional funds, including British pension funds, that are currently put off or find it difficult. It also affects the ability to bring in private institutional investors from overseas—we have seen the difficulties at Wylfa and at Moorside. In that sense, my hon. Friend will find the Bill of great encouragement in respect of future nuclear builds in his constituency.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I am going to make a bit more progress. I have taken a lot of interventions, and the time for this debate has been a little curtailed The Government are introducing this Bill at a time when the cost of energy is on all our minds. We are committed to making the transition to low-carbon power affordable to households and businesses. Nuclear is part of a low-cost future electricity system and helps to reduce our exposure to volatile global gas prices. The measures in the Bill mean that we can keep nuclear in the mix at a lower cost than would otherwise be the case Under the Bill, the Secretary of State will be able to designate a company to benefit from a RAB model, provided that it satisfies certain criteria. This will empower the Secretary of State to insert new conditions into the company’s electricity generation licence to permit the company to receive a regulated revenue in respect of the design, construction, commissioning and operation of a nuclear project. A RAB model allows a company to charge consumers to construct and operate new infrastructure projects. It allows the company’s investors to share some of the project’s construction and operating risks with consumers, overseen by a strong economic regulator. That in turn significantly lowers the cost of capital, which is the main driver of a nuclear project’s cost to consumers.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I will make a little more progress RAB is a tried and tested method that has successfully financed other large UK infrastructure projects. The introduction of a special administration regime will prioritise the plant’s opening and continuing to operate in the unlikely event of a project company’s insolvency. That will protect consumers’ investment in the plant and ensure that they realise the plant’s benefit. Members should know that this legislation is not specific to one project, as I have already said, and could be applied to nuclear projects across Great Britain.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I will make progress The RAB model could open up opportunities for British companies and our closest partners to develop new projects and technologies, including the Wylfa Newydd site in Anglesey and small modular reactors, as well as the Sizewell B project.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I will make more progress. I have taken a lot of interventions The legislation will also make technical changes to the regime of funded decommissioning programmes, removing barriers to private financing of nuclear projects in support of our nuclear energy ambitions. That section will not apply in Scotland Members will be pleased that this new funding model will reduce our reliance on overseas developers for financing new nuclear projects. It will substantially increase the pool of potential private investors to include British pension funds, insurers and other institutional investors The funding model will require consumers to pay a small amount on their bills during the construction of a nuclear project. These payments from the start of construction will avoid the build-up of interest on loans that would otherwise lead to higher costs to consumers in the future.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): I have given away enough. Members will be reassured that a project starting construction in 2023 will add only a very small amount to the average dual-fuel household bill during this Parliament, and, on average, less than £1 per month during the full construction phase of the project.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Foreign Trade
Gregory William Hands (Conservative, Centre-right): I will give way to the hon. Member for Na h-Eileanan an Iar (Angus Brendan MacNeil) because I have not given way to him yet in this debate and I miss him from the International Trade Committee.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): As I have outlined, the Bill is about nuclear. Creating a more diverse potential finance base is exactly what it is about. It is not biased in favour of one technology vis-à-vis another, but, as a Government, we have been absolutely clear about the important, growing role that nuclear will play. On Hinkley Point C, we think that that was the right model for the decision at that time. I think the hon. Gentleman’s problem is with nuclear as a whole rather than specific problems at a nuclear plant. The United Nations Economic Commission for Europe said: "International climate objectives will not be met if nuclear power is excluded" I think his policy is to exclude nuclear power in its entirety Members will be reassured that a project starting construction in 2023 will add only a very small amount to the average dual-fuel household bill during this Parliament—on average less than £1 per month during the full construction phase of the project. I believe that these bill impacts are proportionate, given the benefits that nuclear offers our electricity system. Ultimately, nuclear power will deliver a lower-cost system for consumers compared with reliance on intermittent power sources alone. The RAB model will make new nuclear projects cheaper. Our analysis has shown that using this funding model for a nuclear project could produce a cost saving for consumers of more than £30 billion, compared with funding projects through a contract for difference.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): No, I am going to make more progress. That saving equates to more than £10 a year for an average domestic dual-fuel bill throughout the life of a nuclear power station, which can operate for 60 years The UK has a pioneering history in nuclear energy. We were the first country in the world to set up a civil nuclear programme, back in 1956. There are proud communities—I see many Members who represent them here today—who have been working in the industry for more than 60 years. Creating new nuclear projects will support this important sector and help to level up the UK. The civil nuclear sector is already a major provider of high-value, high-skilled jobs across the entire country. It employs approximately 60,000 people, with nearly 90% of those jobs based outside of London and the south-east. New nuclear projects will be important sources of economic opportunity for the whole country. Hinkley Point C has already created well over 10,000 job opportunities. Future nuclear projects bring with them significant opportunities for training the future nuclear workforce through apprenticeships and training schemes to increase skills This legislation will vary in application across the UK. The Government are undertaking close joint work with other stakeholders on the potential options for nuclear at the Wylfa site. The RAB model could play a key role in funding any future project there.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Gregory William Hands (Conservative, Centre-right): No; I am going to have to finish Members will know that the Scottish Government have a different position with regard to new nuclear projects. To be clear: this Bill will not alter the current approval process for new nuclear, nor the responsibilities of the devolved Governments. Nothing in this Bill will change the fact that Scottish Ministers are responsible for approving applications for large-scale onshore electricity-generating stations in Scotland. The steps taken in this Bill will mean that Scottish consumers will benefit from a cheaper, more resilient and lower-carbon electricity system, so it is right that Scottish consumers should contribute towards the construction of new projects Northern Ireland is part of the single electricity market with the Republic of Ireland. As such, energy users in Northern Ireland will not pay towards nuclear projects financed through the RAB Taken as a whole, the Bill will ensure that consumers across Great Britain will benefit from a cheaper, more resilient and lower-carbon electricity system that is funded in a fair and affordable way. I hope that Members will agree that this is an important and timely piece of legislation. Recent increases in gas prices have demonstrated the key role that reliable low-carbon power through nuclear has to play in our transition to net zero The Bill is a unique opportunity to deliver a trinity of benefits, as it will: help us to create a resilient low-carbon energy system; deliver value for money for consumers; and deliver and create thousands of well-paid jobs across the country. I hope that Members will take the next step towards net zero and levelling up the whole UK. I commend the Bill to the House.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
John Alan Redwood (Conservative, Centre-right): The shadow Minister is very thoughtful on these matters. How much standby capacity does he think we need to back up the wind and solar that will be the majority of our generation in due course?
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Daniel Leonard James Poulter (Conservative, Centre-right): Before the hon. Gentleman moves on from discussing the financing for Sizewell C, does he agree that it is important, when we are talking about financing, that the financing is not just in place for the build of the power station itself, but for the necessary infrastructure and mitigation measures for the local communities in the area, who will be suffering from construction traffic and the like for potentially a 12-year period?
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Christopher James Skidmore (Conservative, Centre-right): I welcome the Government’s action to introduce the regulated asset base funding model for the financing of new nuclear power plants. As a former energy Minister, and indeed a former science Minister twice, I was fortunate enough to have the opportunity to see at first hand the brilliant services that our nuclear energy industry provides, despite the many compounding hardships that it faces Nuclear power currently provides just under 20% of the UK’s energy needs, but almost half that capacity will be retired and lost by 2025. For the UK to achieve its net zero obligations and beyond, expanding our nuclear energy fleet will be paramount as it provides emission-free energy without the need for the wind to be blowing or the sun to be shining. The case for nuclear energy as a clean source of power should be evident. It may have done more for decarbonisation and reducing carbon emissions in the past 70 years than any other industrial sector.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Christopher James Skidmore (Conservative, Centre-right): I believe that we do not have a choice. We must look at every form of renewable energy, nuclear energy, carbon capture and storage and hydrogen to reach net zero. We cannot make the perfect the enemy of the good. Equally, in looking at how to decarbonise, there are no good and bad actors; the most important thing is outcomes. We have a target set for 2050 but cannot ignore that we wish to reduce our carbon emissions now. I therefore welcome any technology that can achieve that sooner rather than later.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Christopher James Skidmore (Conservative, Centre-right): That depends on the potential for innovation for the future. We have an energy crunch coming down the line with perhaps just a single nuclear plant open by 2030 and, at the same time, we will move from existing nuclear fission reactors through to small modular nuclear reactors, advanced modular nuclear reactors and, ultimately, fusion As science Minister, I assigned Government investment for the spherical tokamak for energy production units. We need certainty and a clear strategy for where the nuclear pathway is going beyond the existing reactors and to front-load that investment now. I will come to why the RAB model is so important as it allows that front-loading As I mentioned, nuclear power has resulted in an annual saving of 22.7 million tonnes of CO2, the equivalent of taking one in three cars off the road. The Government’s proposal to adopt the regulated asset base funding model for nuclear power is bold and ambitious, but it is also needed. The beauty of the funding model is that it inherently encourages a wider range of private investment in new nuclear projects, reducing the UK’s reliance on overseas funding As it stands, developers are forced to provide the finances for construction up front and begin receiving revenue only when the station starts generating electricity. Even in the best of times for energy markets, which we certainly are not in now, that lack of certainty diminishes how investable nuclear power projects are. As we have seen, sadly, with the nuclear projects at Moorside and Wylfa, our current funding model is simply not fit for purpose; 5.8 GW of nuclear energy, just over half our current supply of nuclear power, was lost directly because funding could not be secured. Those locations have both been described as highly desirable sites for new nuclear power plants, but even after the Government offered to take the equity, provide all the debt finance and back a revenue-stabilising mechanism, private investors still had to walk away.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Mark Ian Jenkinson (Conservative, Centre-right): I am a huge supporter of tidal energy, but is it not the case that nuclear, given its energy density, is the most environmentally friendly and low-carbon technology that we have, while tidal has the potential to significantly damage marine ecosystems? I am a big supporter of tidal energy, but we have to be really careful about where we deploy such things. We have a ready-built, proven technology here—the most environmentally friendly and low-carbon technology that there is.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Richard Michael John Ogilvie Graham (Conservative, Centre-right): The hon. Gentleman highlights the value of marine energy in Scotland and elsewhere; he and I are absolutely on the same page on that. Does he agree that one thing it would be very helpful for the Minister to take away is the need to clarify the precise size of the pot that will be available specifically for marine energy in the next contracts for difference auction round, CFD AR4? There is a danger that unless there is a specific pot, the marine energy providers will be rather crowded out by other forms of renewable energy.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
Mark Ian Jenkinson (Conservative, Centre-right): I thank the hon. Gentleman for allowing me to intervene again. I am a big supporter of pumped hydro, which is great for storage, but we cannot neglect the fact that we require a surplus of electricity to pump the water in the first place, up to the point of that storage. It is great to be in control of when we release the water and use the energy, but we have to think about how we get it up there in the first place.
Nuclear Energy (Financing) Bill — House of Commons, 2021-11-03
Topic: Energy
David Thomas Morris (Conservative, Centre-right): It is an honour to be called to speak in the debate and to follow the excellent speech from the hon. Member for Kilmarnock and Loudoun (Alan Brown). In my constituency we have two nuclear power stations, whose output going into the national grid at any given time makes up about 10% of our national energy. They are the largest employer in my constituency, and I have extended family members who work in the nuclear power industry. In fact, it is hard to find anybody in my constituency who does not. We do not just have nuclear, however; we have other forms of energy from wind all the way down to biomass and also, out to sea, what I believe is the largest offshore wind farm in Europe. The initiatives that the Government are now bringing forward are long overdue. I remember, back in 2010, when the then Energy Secretary Chris Huhne delivered his first speech to the House under the coalition, in which he said that nuclear power would be funded by private enterprise. Afterwards, I had a chat with him about that and he told me that, in his opinion, nuclear was old technology and an outdated form of energy. Anybody in this House who knows me well, as you do, Mr Deputy Speaker, will know my sense of humour. At that point, I said to Chris, "I think the wind has been blowing too hard between your ears, my old son." He did not find that funny at all. The point I was trying to make to him was that we have an eclectic energy mix in this country of ours, from the great top of Scotland all the way down to the bottom end—and, dare I say it, we also get energy from the continent It is about time that we addressed how we are going to fund our future energy needs, especially nuclear. What has not been mentioned so far is that we are trying to get fossil fuels eradicated in one form or another within the next 40 years and that there will be more electric cars on the road. How are we going to power those electric cars? How are we going to meet that demand and keep the economy moving in an electrified form? It can only be done with nuclear power Nuclear power is the only form of energy we have that is constant. It is produced 24/7. The Walney wind farm produces a huge amount of energy for this country, but every one of those windmills would have to be producing energy at the same time to match the input into the grid of the two nuclear power stations in my constituency at that moment, whereas those two power stations are pumping energy into the national grid 24/7. It defies belief that we have not invested in nuclear power before now and that we have waited until this point to come up with a funding formula to do so.