The Government has reached a landmark agreement on energy policy that will deliver a clear, durable signal to investors, Edward Davey announced today.
The Energy and Climate Change Secretary said:“This is a durable agreement across the Coalition against which companies can invest and support jobs and our economic recovery. The decisions we’ve reached are true to the Coalition Agreement, they mean we can introduce the Energy Bill next week and have essential electricity market reforms up and running by 2014 as planned. They will allow us to meet our legally binding carbon reduction and renewable energy obligations and will bring on the investment required to keep the lights on and bills affordable for consumers.”
With a fifth of the UK’s electricity generating capacity due to close this decade, reforms are needed to provide certainty to investors to bring forward £110 billion investment in new infrastructure to keep the lights on and continue the shift to a diverse, low carbon economy as cheaply as possible. It will support as many as 250,000 jobs in the energy sector.