The introduction of a carbon price floor in today’s Budget has won praise from EDF boss Vincent de Rivaz.
He said the government had shown “leadership and commitment” to a low carbon Britain with its announcements on the carbon price floor and the Green Investment Bank.
“It is important that the UK maintains momentum for investment in secure, low-carbon and affordable energy including nuclear, renewables and carbon capture and storage,” said Mr de Rivaz.
“Investment in low carbon energy will provide a massive boost to the UK economy, creating billions of pounds of business opportunities and thousands of jobs. This can play a big part in government plans for recovery.”
He hailed the carbon price floor as important “for all low carbon technologies, as it restores the carbon price to what was originally intended. It will support the economics of renewables and carbon capture and storage and can reduce the need for specific measures to support those technologies.”
And with EDF the potential biggest builder of new nuclear in the UK, he said a carbon price floor would “encourage investment in existing plants and in new build”.
He said the 2013 introductory price of £16 per tonne and then a rise to £30 per tonne in 2020 “strikes the right balance, meeting the needs of policy makers, consumers and investors”.