The Bishop of Salisbury asked a question on research and investment in renewable energy on 3rd February 2021, during a discussion on the impact of electricity delays on the UK energy supply:
The Lord Bishop of Salisbury [V]: My Lords, the price of electricity from Hinkley is remaining unchanged at £92.50 per megawatt hour, and EDF is expecting the same profit of more than 7.1% on its investment. Given that, can the Minister explain the points that she has just made about how the additional 30% of construction costs on the initial £18 billion budget is being absorbed at no cost to consumers? As the price of electricity from renewables has dropped—with wind now at £40 per megawatt hour—might not research and development into renewals have been a better investment? Hinkley already looks like transitional technology.
Baroness Bloomfield of Hilton Waldrest (Con): The truth is that we need a blend of all these technologies to produce the low-carbon power we will need by 2050. We negotiated the contract with EDF and CGN so that they would bear the full costs of any escalation in construction. The £92.5 price cannot directly be compared with the price for more intermittent forms of generation. I hope that satisfies the right reverend Prelate.
The Church of England in Parliament 
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