INDUSTRY ARTICLE
ENERGY BILL John Cridland, CBI Director-General
“This package will send a strong signal to investors that the Government is serious about providing firms with the certainty they need to invest in affordable secure low- carbon energy.
“We now have political agreement on this critical issue and the Government should get the bill on the statute books as quickly as possible.
Dr Tim Fox, Head of Energy and Environment at the Institution of Mechanical Engineers
“The publication of this new bill is good news for engineers, investors and the general public as it means we are a significant step closer to getting on with the job of building the major infrastructure projects needed to keep our homes warm, the lights on and industry working.
“With a looming energy gap for 2015, creating a stable regulatory framework for the energy sector is absolutely crucial for investor confidence.
“The fact that energy intensive industries will be exempt from the additional costs to encourage investment in low carbon power is also positive, as it means UK industry won’t be placed at an unfair disadvantage when competing in international markets selling products such as steel.”
www.imeche.org
Sam Pick, of the Renewables Network, Humber-based membership organisation
“It’s very positive that government support for low-carbon energy will increase to £7.6 billion by 2020.
“This should provide stability and confidence for renewable energy developers to commit to the UK market.
“That in turn provides exciting opportunities throughout the supply chain for small British businesses to break into this high growth industry.”
www.renewablesnetwork.co.uk
James Cameron, Chairman, Climate Change Capital and member of the Prime Minister’s Business Advisory Group
“The Energy Bill will finally give government the tools to attract significant investment into our power sector at least cost. Investment can now flow - creating jobs, helping recovery, spurring innovation - while ensuring our long term economic competitiveness.”
www.climatechangecapital.com
Maria McCaffery, RenewableUK Chief Executive
“This is a crucial announcement for the renewable energy sector. The news that there is rock solid support across Government for renewable energy, and clear evidence that Treasury and the Department of Energy and Climate Change are in step, provide the industry with exactly the kind of assurances we’ve been calling for. This blows the last few months of political infighting completely out of the water.
“This is proof that the Treasury really does get it – the renewable energy industry offers one of our best hopes for economic recovery. This will stimulate billions of pounds worth of investment in renewables, creating more than 88,000 jobs in wind, wave and tidal energy alone by 2021. It will enable us to hit our 2020 renewable energy targets, and make sure renewables can play their part in protecting UK consumers from unstable international power markets.
“The UK Government is sending a clear message that 30% of our electricity will be from renewable sources by 2020. The lion’s share will come from wind energy, with 31 gigawatts to be installed by the end of the decade.
“The Government also clearly understands that renewables will be an important driver in decarbonising our electricity supply by 2030. That’s great news. This will give investors the confidence they seek for the long term.
Those investors put £2.5 billion into the industry this year – this will now increase exponentially. Now it’s full steam ahead, so let’s get on with it”.
www.renewable-uk.com
Alex Dawson, Chairman of Energi Coast, North East England’s Renewables Group
“The Energy Bill will bring much needed clarity to the offshore wind sector that will drive investment and create opportunities for the supply chain.
“The North East is already a key location for offshore renewables activities with companies successfully serving early projects in the sector. Following the publishing of the Bill, momentum will build in the market and the next stage of projects will begin to come online with support from our supply chain, which is poised and ready to go.”
www.energicoast.co.uk DEPARTMENT OF ENERGY & CLIMATE CHANGE
“The commitment of the necessary budget for the renewable power sector to meet its share of the 2020 target, is very welcome news. This should help to draw a line under the recent politicking, which has been so damaging to investor confidence.
“Today’s announcements finally give a suggestion that the Government is getting behind the renewables agenda, which promises 400,000 green jobs across power, heat and transport by 2020, along with a much more secure energy future”
www.decc.gov.uk
Ben Caldecott, head of policy, Climate Change Capital
“The £7.6bn financial commitment, together with the creation of robust, new price-certain contracts, are significant victories that have created a framework for investment to flow.”
“As investors and investment advisors, we are not unduly concerned about the current lack of a decarbonisation target in the Energy Bill, which is after all, meant to be implementing robust targets already enshrined in law. There is already a clear legal commitment to build a cleaner, better energy system.”
“By including a government backed counter- party for new contracts, investors will have certainty allowing for a lower cost of capital and a better deal for consumers.”
www.windenergynetwork.co.uk
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