Peter Aldous highlights the success of contracts for difference (CfD) auctions - a government mechanism that helps reduce risk for investors - in developing the offshore wind sector in the UK, and calls for changes to maximise job creation in places such as Lowestoft and to ensure that we adopt a strategic approach to the provision of enabling infrastructure such as ports and the grid.
Peter Aldous (Waveney) (Con)
T8. The contracts for difference auctions have been very successful in kickstarting the British success story that is offshore wind. [Interruption.] However, the mechanism now needs adaptation to maximise job creation in places such as Lowestoft and to ensure that we adopt a strategic approach to the provision of enabling infrastructure such as ports and the grid. I would welcome an update from my right hon. Friend on the Government’s work on this important issue. (905798)
The Minister for Energy Security and Net Zero (Graham Stuart)
I could only just hear my hon. Friend’s question, as the shadow Secretary of State made it quite hard to hear. The Government recently completed a call for evidence on this very subject, looking at the introduction of non-price factors in the contracts for difference scheme so that it values things other than just cost deployment. My hon. Friend, like all Members on the Government Front Bench, wants the maximum number of jobs created and retained in this country.