(Morecambe and Lunesdale)
(Con): 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.
The Minister of State, Department for Business, Energy and
Industrial Strategy (): 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...
...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...
(Clwyd West) (Con):...I welcome
the Bill, which provides the opportunity for a new funding model
and the prospect of a revived nuclear industry in north Wales.
However, I wish again to echo the points made by my right hon.
Friend the Member for Vale of Glamorgan. The question of
potential cost overruns is a significant issue. It is important
that the Government make a very careful assessment of the likely
costs. It has been pointed out by commentators that pension
funds may be reluctant to invest in such projects
unless they can be assured that the costs will be kept under
control, so that is key. Otherwise, I fully welcome the Bill and
look forward to supporting its Second Reading.
The Parliamentary Under-Secretary of State for Business, Energy
and Industrial Strategy ():...As a package, the
legislation before Members will help to end our reliance on
overseas developers for finance, which has led to the
cancellation of nuclear projects in the UK. Instead, the Bill
ensures that our new nuclear power plants can be financed by
British pension
funds and institutional investors. However, this is
not about shutting out individual companies or countries, and the
Government have already taken significant powers through the
National Security and Investment Act 2021...
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