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Energy: Nuclear Power Stations

Volume 715: debated on Thursday 10 December 2009

Question

Asked by

To ask Her Majesty's Government what is the financial framework for encouraging companies to invest in new nuclear power plants in the United Kingdom. [HL545]

As set out in the nuclear White Paper, the Office for Nuclear Development is taking active steps to establish and implement the right policy framework in the UK for investment in new nuclear power stations.

We published a draft nuclear national policy statement on 9 November for consultation. We have legislated to ensure developers put money aside from day one for eventual clean up. We have published the recommendations made by Dr Tim Stone on the nuclear regulatory environment. However, there is no public subsidy for new nuclear and it is up to energy companies to take a view on the economics of new nuclear power. So far energy companies have committed to build up to 16 GW of new nuclear. The European Union Emissions Trading Scheme provides a financial framework for ensuring that a price is attached to carbon emissions and thus benefits investment in low carbon technologies such as nuclear power, renewables and clean coal.