Thread by @DrSimEvans

Greg Clark, sec of state for Business, Energy & Ind Strategy, in statement to Parliament re Wylfa:

"Economics of energy market have changed significantly…offshore wind dramatically down…almost no subsidy"

Positive cost trend seen for renewables not seen for nuclear, says Clark:

Made task of attracting private finance to new nuclear more challenging.

But Govt continues to believe in need for diversity of sources. Nuclear has impt role to play,

Clark says Govt was willing to consider taking 1/3 equity stake, alongside others, and was willing to provide *all* agreed debt financing

Plus CfD at up to £75/MWh

[Wow]

Clark: could not justify strike price above £75/MWh, given declining cost of alternatives

Clark: If new nuclear to be successful…need to consider new approach to financing future projects

Reviewing viability of Regulated Asset Base model

Will publish assessment by summer "at the latest"

Labour shadow Alan Whitehead

Govt approach to new nuclear "Now in complete meltdown"

Whitehead points to capacity market having been ruled illegal ( carbonbrief.org/qa-what-next-f… )

Whitehead asks if PM May raised Wylfa when she met with Japanese PM Abe last week.

"Seems to be some confusion"

Clark:

When we are talking about nuclear invsts…that requires a degree of cross-party support

Clark: "The challenge of financing new nuclear is one of falling costs and increasing abundance of alternatives. It is being outcompeted."

Clark: "The costs of the proposed Swansea lagoon were 3x Hinkley C"

Interesting to hear Clark describing BEIS work to assess RAB funding model for new nuclear.

Sounded decidedly tentative, rather than definitively supportive.

Ed Davey, for Lib Dems, expresses "astonishment" at the generosity of the offer to Hitachi over Wylfa.

Asks if decision to suspend the scheme was due to terms – or due to uncertainty created by Brexit.

Clark:

"I think it is desirable to have nuclear as part of a diverse energy mix…but there is a limit to what we can pay for the benefits it gives."

Yet another question to Greg Clark on whether PM May discussed Wylfa with Japan's Shinzo Abe last week.

Clark says he wasn't at the meeting – and fails to answer the question.

Clark

"One of the big changes that is taking place in the energy market is technologies and ways of working such as demand-side response, storage…system can be more resilient and lower cost than imagined ten years ago"