30 Nov '12, 4pm

Renewables Industry Welcomes UK Energy Bill

Renewables Industry Welcomes UK Energy Bill

The Bill marks the biggest shake-up in the British electricity market for years and introduces new market mechanisms designed to stimulate investment. Introducing it the House of Commons on Wednesday, Energy Secretary Ed Davey told MPs that “we are on the cusp of a renaissance in British energy” and added that “the UK is open for energy investment.” The headline aspects of the Bill are that it does not include a decarbonisation target for 2030 – this has been deferred until 2016 – and a Levy Control Framework has been introduced that will allow utilities to raise £7.6bn by 2020 via customer tariffs to go towards low carbon investment. Other key market mechanisms to be introduced include contracts for difference – a price paid for every megawatt-hour generated – for all generators of low carbon energy, which will guaranteed by a government-backed body, known as the counterp...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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