RenewableUK has welcomed the introduction of a bill to reform the electricity market in today’s Queen’s Speech. The Energy Bill is designed to ensure delivery of low-carbon generation by replacing the current support system, the Renewables Obligation (which will cease for new projects in 2017) with a Feed-in Tariff with Contracts for Difference (FiT-CfD).
Commenting on the introduction of the Bill, Dr Gordon Edge , RenewableUK’s Director of Policy , said:
“RenewableUK is pleased to see the Energy Bill introduced in the Queen’s Speech. Wind, wave and tidal energy are going to play a significant part in our low-carbon generation beyond 2017 and we are keen to continue to work closely with Government over the detail to ensure that we can deliver both clean energy and the potential tens of thousands of jobs that can be achieved in these sectors.
2017 is only a short time away in terms of investment decisions, so we hope that the next update, expected later this month, will provide more detail around how the system will work in practice to ensure delivery. Next month we have visitors from across the world coming to London to Global Offshore 2012 to see how we lead the world in offshore wind. Retaining that position depends on us having a vibrant home market, so we need the details of EMR to be right. Above all, we need clarity on how the support mechanism will work after 2017 to ensure that confidence and job creation are both maintained.”
RenewableUK also welcomed the establishment of the Green Investment Bank under the Enterprise and Regulatory Reform Bill, to accelerate investment in the UK’s transition to a low-carbon economy.
[mappress]
Offshore WIND staff, May 10, 2012; Image: parliament