Government action to unlock up to £110 billion energy infrastructure investment and support up to 250,000 jobs by 2020• Capacity Market to be initiated in 2014 to bring on gas and other flexible electricity supply to meet future demand and reduce risks to security of supply from winter 2018• Renewable Strike Prices to help renewables contribute more than 30% of total power by 2020
The potential scale of investment, growth and job opportunities available in the energy economy was made clear today (June 27th) as Cabinet Ministers announced new details of reforms vital to keeping the lights on and emissions and bills down.
With around a fifth of Great Britain’s ageing power plants due to close over the coming decade, and further closures in the 2020s, we need huge investment in our energy infrastructure. The Energy Bill currently before Parliament introduces vital market reforms to bring this about.
Chief Secretary to the Treasury Danny Alexander and Energy and Climate Change Secretary Edward Davey today announced more details about the reforms, ahead of schedule, to give developers and investors the confidence to progress with new projects.
Secretary of State Edward Davey said:
“No other sector is equal in scale to the British power market, in terms of the opportunity that it offers to investors, and the scale of the infrastructure challenge. “Our reforms will renew our electricity supply, attracting up to £110 billion investment in a mix of clean, secure power and demand reduction, and will support up to 250,000 jobs up and down the supply-chain.