MPs have warned the Government about the detrimental impacts of its “sudden and numerous” changes to energy policy since the election.
A new report released by the Energy and Climate Change Committee on investor confidence in the UK energy sector has raised concerns about how the government’s actions since the election are risking higher energy prices, stalling new investment, and question our ability to meet our legally binding decarbonisation targets.
Long frustrated with energy policy changes it has labelled “sudden and severe”, the REA, the UK’s largest renewable energy trade association, welcomes the report’s conclusions which immediately call for greater transparency and clarity in the Department for Energy and Climate Change.
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Dr. Nina Skorupska CBE, Chief Executive of the REA said: “The report shows that a lack of vision has damaged confidence and is making urgently needed new energy projects more expensive, raising costs for future generations.
Since the election the government has created barriers to deployment for the most cost-effective technologies such as solar, biomass, and wind. The government talks about reducing costs to consumers, but their decision to instead support nuclear and subsidise new diesel and gas in the capacity market is adding new expense.
Following this report the government now faces a frustrated investor community, a concerned public, and a wall of questions that need to be urgently answered. The renewables industry seeks clarity- when will CfD auctions take place and what technologies will be eligible, what will the Carbon Price Floor rise to past 2020, and what is the government’s long-term vision?
The REA looks forward to working constructively with this government to restore investor and public confidence in the UK’s ability to attract new investment, secure new supplies, and follow through on our commitment to decarbonisation”.