MP Ynys Môn organizes a parliamentary debate on nuclear financing

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Ynys Mon MP Virginia Crosbie said legislation designed to fund new nuclear power plants would help upgrade the country and boost the economy of Anglesey, Wales and the UK.

The Nuclear Energy (Funding) Bill is now entering its committee phase and Ms Crosbie will sit on the committee to consider it.

However, her campaign to bring new nuclear power to Anglesey so far has been featured in a parliamentary debate she has held this week.

In her speech, Ms Crosbie said the seven advanced gas-cooled nuclear reactors, which have been the most productive low-carbon assets in British history, will all be phased out by 2030.

If the country is to achieve its net carbon neutrality ambitions, then a new nuclear power must come online.

She told MEPs: ‘Nuclear has the capacity to give the UK energy security and stability for decades to come, but we need to tackle nuclear as soon as possible.

“I was delighted when the government announced its nuclear energy bill (finance bill), which had its second reading last week.

“The need for the bill brings me back to the fundamental nuclear issue.

“Yes, it has by far the smallest footprint and therefore the lowest environmental impact of all clean energy sources.

“Yes, it would create around 90,000 high-paying, quality UK jobs, as well as huge supply chain opportunities.

“Yes, it would continue to produce reliable power, regardless of whether the weather is nice or windy. And yes, that would give the UK energy security and stability.

“But – and it’s a big but – building a big nuclear power plant takes time and money, and that’s where the big gray elephant is in the room.”

Ms Crosbie explained that Hitachi’s withdrawal from Wylfa Newydd earlier this year was due to funding issues.

She added: “This is why the government is advancing the Nuclear Energy (Funding) Bill in Parliament, in order to reduce the risks of new nuclear projects and to attract private sector funding for nuclear projects. advanced and large-scale nuclear power through the RAB (regulated asset base)) mockup.

“In this model, an independent regulator sets a price that a developer is then allowed to charge on consumers’ bills in exchange for providing certain electrical infrastructure, even before starting to generate electricity.

“This allows developers to have a guaranteed return on their investment and reduced costs when raising the capital needed to build a power plant.

Ms Crosbie also pointed out that new nuclear, including Small Modular Reactors (SMRs), which this week received government funding to expand, will make a huge difference to communities like Anglesey which have experienced decades of underinvestment. and need to be upgraded.

She asked, “When we import gas from Russia and electricity from France, where are the jobs that generate that electricity?

“Who gets the added value of what we pay for this power? The British pay their electricity bills and don’t always fund jobs.

“At its peak, a large-scale nuclear power plant employed around 10,000 people.

“Currently, while constituencies like mine in Ynys Môn suffer from low gross added value, underinvestment and a lack of quality and well-paid local jobs, we are paying our continental neighbors for provide us with energy.

“For all these reasons, the UK needs to take a close and urgent look at its energy strategy.

” There is an answer. Nuclear is the most powerful and job rich form of low carbon energy.

“Nuclear power is very important to me and to many of my constituents. Ynys Môn was once known as Môn, Mam Cymru – mother of Wales – because years ago she fed all of Wales.

“With the right government funding in place, Ynys Môn can once again be Môn, Mam Cymru, but instead of food it will provide energy in Wales and beyond.”


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