CONSULTATION ON VALUE FOR MONEY FOR NUCLEAR POWER

That this House notes the National Audit Office conclusion on Hinkley C that the Government committed electricity consumers and taxpayers to a high cost and risky deal in a changing energy marketplace and that under the 35-year contract, EDF is guaranteed a price of £92.50 per MWh it generates, twice the wholesale price of electricity; further notes the reactor design for Hinkley is unproven and other projects incorporating it are experiencing difficulties; is concerned taxpayers risk being tied into another precarious and overpriced nuclear contract at Wylfa, Wales, while the rest of the world backs away from the technology; notes that the UK remains a global leader in offshore wind power after Government policy support led to a 50 per cent drop in two years, making it the cheapest form of large-scale low-carbon power available to the UK; notes smart market design limits the cost of intermittency to £6 to £7 per MWh and that offshore wind is nearly a third cheaper than power from Hinkley; notes the distinguished Energy Transitions Commission analysis that by 2035 it will be feasible to build a near-total-variable renewable power system; notes that onshore wind and solar are close to power market parity; and therefore calls on the Government to publish and present to Parliament the strategic case, including a full Value for Money Assessment, for new nuclear at least six months before further public money, financial guarantees or power contracts are agreed or pledged to the nuclear new-build programme, in order to allow time for effective scrutiny.