The draft legislation given to Parliament this week does not include enough detail to give industry confidence, claims the Shadow Energy Minister. Industry has long been calling for clarification to how market mechanisms will work and Tuesday’s announcement by DECC failed to give exact figures to the energy sector.
Labour’s Tom Greatrex told ELN: “I’m disappointed there hasn’t been more detail, particularly around the way in which the investment vehicle will work and the figures involved in that because we’re not going to get people starting to make those investments until we know that detail and I think that’s a missed opportunity.”
The Government says its legislation will give businesses the long term certainty needed to encourage large scale nuclear and renewable projects. However, many have reacted to the draft bill with disbelief over the lack of detail offered.
The opposition minister added: “A contract for difference that makes no difference is no good at all, so we need to properly test those models. Without the detail there we’re not going to get the investment coming forward… They’ve had 18 months since the White Paper, I was expecting there to be more around those details in this bill. It’s a shame they aren’t there.”