The UK Government needs to maintain investor confidence for a low carbon future for Britain, according to power companies.
RWE npower said it is important for investors to have confidence to help deliver an efficient and workable energy system and to maximise prosperity for UK consumers.
The comment was made as the Energy and Climate Change Committee announced the Government’s proposed plans for the Energy Bill are not workable and still needs improvements.
The Committee said the Bill needs more clarity as it poses a risk for investors and does not work in favour of consumers.
Volker Beckers, CEO of RWE npower said:“The business of delivering energy to any location at any time, whenever it is needed, is complex enough without Government making it more so. Ultimately, it is the customer that will suffer due to uncertainty and complexity through unnecessary additional costs on bills.
“The Energy Bill’s main job must be to make reform simple, effective and transparent. Investor confidence has never been improved by delivering complex, bespoke new arrangements which only look workable on paper; it’s about policy that is clear and bankable.”
EDF Energy said it is important for the Government to establish the right framework to encourage crucial investment in low carbon technologies.
Vincent de Rivaz, the company’s Chief Executive said: “Investors need confidence that the parliamentary process will deliver a robust policy framework as and when they take critical decisions on their projects.”