We’ll create certainty for investment says Hendry

The government has committed to Renewable energy in the UK by aiming to establish certainty in the electricity market. Energy Minister, Charles Hendry said the reform would be ground-breaking: “This […]

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By Tom Gibson

The government has committed to Renewable energy in the UK by aiming to establish certainty in the electricity market. Energy Minister, Charles Hendry said the reform would be ground-breaking: “This is the biggest change in the energy market in 30 years. We believe this gives a good deal for the industry in terms of securing investment but it also looks after the consumer interest.”

Mr Hendry’s opposite number Huw Irranca-Davies MP suggested the importance of the issue went beyond party lines and instead should focus on the UK’s future: “If we get it right, we give certainty for the long term for investors and consumers. If we get it wrong we’re going to revisit this in five or ten years. Let’s get it right first time.”

Providing certainty for investment appears to be vital for the stability and sustainability of newer green technologies. Simon Bullock, of Friends of the Earth, said: “The reform gives a lot of certainty to investors who might want to build renewable power plants. Because the government has created more certainty it’ll bring the capital costs down. For both renewables and nuclear, the proposals are a shot in the arm.”

ELN also spoke to Robert Groves, the Chief Operating Officer of Smartest Energy. The company purchases and supplies renewable energy. So was yesterday a great day for him? “It’s good news for companies like us. This will start to build up a renewable and nuclear expertise in our country. If those technologies are global and where there’s growth, then that’s no bad thing.”

From the reaction of those in the industry the market reforms have brought something of use to everyone. Creating a stable market for future investment is of huge importance to those who want to grow and invest in our low carbon future.