Proposals to support renewable electricity and bring forward a surge of investment in our energy infrastructure were published by the Government…
Proposals to support renewable electricity and bring forward a surge of investment in our energy infrastructure were published by the Government today.
The consultation proposes new support levels for large scale renewable electricity from 2013-17 (2014-17 for offshore wind) under the Renewables Obligation (RO).
Deputy Prime Minister Nick Clegg said:
“Investing in green energy boosts growth and creates jobs - the offshore wind sector alone could provide up to 66,000 jobs in this country by 2020.
“Supporting clean, green, secure energy is the right thing to do for both the environment and the economy.
“Today’s announcement makes clear the Government’s commitment to supporting long-term investment in the UK’s renewables industries.”
The Rt Hon Chris Huhne MP, Secretary of State for Energy and Climate Change said:
“The renewables industry can bring in billions of pounds of investment into the UK economy. Our ambitions for these technologies reflect our desire for the UK to be the number one place to invest.
“We have studied how much subsidy different technologies need. Where new technologies desperately need help to reach the market, such as wave and tidal, we’re increasing support. But where market costs have come down or will come down, we’re reducing the subsidy.”
By 2017, as a result of these proposals, we expect to see 70-75 TWh of renewable electricity in the UK. This is 70% of the way towards the 108TWh of electricity needed to meet the UK’s 2020 renewable energy target.
These proposals are expected to cost between £0.4bn and £1.3bn less than retaining current bandings and drive a higher level of deployment than leaving bandings as they are. The proposals also provide industry with the certainty needed to make investment decisions and will overall mean a lower impact on consumer bills, without reducing our level of ambition.
NOTES FOR EDITORS REDACTED DURING MIGRATION