Today the Government published its decision on the levels of financial support that will be available through the Renewables Obligation (RO) for large-scale renewable electricity generators from 2013-17. Changes to the subsidies for renewable electricity could incentivise £20 - 25bn of new investment in the economy between 2013 and 2017. The Banding Review for the RO will support jobs and deliver more clean power with a reduction in costs to consumers between 2013 and 2015.
This comes ahead of the Government’s Global Investment Conference and series of 17 business summits taking place at the British Business Embassy at Lancaster House during the upcoming Games, which aim to secure further investment into the UK.
The Secretary of State for Scotland Michael Moore welcomed the announcement and said:
“Today’s announcement underlines the Government’s commitment to two important issues: investment in renewable energy and fair, sustainable energy prices for consumers.
“We are taking positive steps to help attract billions of further investment into green energy in the UK, as part of our energy mix - which includes the UK Green Investment Bank, headquartered in Edinburgh. Those steps will not only create jobs but also benefit consumers by lowering their domestic bills as well as helping us meet our reduction targets.
“Scotland has an important role to play in the future of renewables and we lead the way in many areas. Today’s decisions will support the sector here and are both sensible and practical as support is balanced between established and emerging technologies, such as marine. This is good news for Scotland.”
The Secretary of State for Energy Ed Davey commented: ”Renewable energy will create a multi-billion pound boom for the British economy, driving growth and supporting jobs across the country. The support we’re setting out today will unlock investment decisions, help ensure that rapid growth in renewable energy continues and shows the key role of renewables for our energy security. ”
“Because value for money is vital, we will bring forward more renewable electricity while reducing the impact on consumer bills between 2013 and 2015, saving £6 off household energy bills next year and £5 the year after.”