Morecambe and Lunesdale’s MP has told the House of Commons new nuclear power stations could reduce household electricity bills by six to eight per cent.
David Morris said the three energy companies who plan to build new nuclear power stations in the UK - EDF, Horizon and NuGen - would introduce a system called ‘contracts for difference’.
A Department of Energy and Climate Change (DECC) report suggested that contracts for difference, which will be used to forecast the turnover of new nuclear stations, could lead to a reduction in electricity bills by six to eight per cent.
Mr Morris said:“This is welcome news during these difficult economic times.
“But to characterise that as a subsidy is wrong. In fact, DECC has made it clear time and again that it will not subsidise new nuclear energy.
“Every study I have seen shows nuclear energy as one of the cheapest large-scale low-carbon technologies.
“It is also a huge employer and will soon account for 0.4 per cent of British GDP, equating to 32,500 jobs.
“I believe nuclear is the future of low-carbon technology.
“It is clean, cheap and provides employment opportunities in areas that really need them.
“I support nuclear energy and the energy market reforms.
“They are the way forward and will keep the lights on for decades to come.”