Energy Bill must encourage investment in electricity market

Commenting on the draft energy bill, published today, Caroline Williams CEO Norfolk Chamber said:

“If the UK is going to attract the tens of billions of pounds of investment that is required to update the country’s ageing energy infrastructure, the electricity market must be predictable and stable for both businesses and investors. As the energy market moves towards a decarbonised future, we need to ensure that reforms don’t mean more costs piled on business. That’s why we’re encouraged to see proposed measures that will allow the government to consult with firms, and consider their needs in any changes.

“The UK needs a balanced energy mix to guarantee future security of supply. New nuclear plants have to be a key part of the mix, but plans for the next generation of nuclear power stations are behind schedule. We welcome incentives that would encourage investment in new nuclear, and urge the government to stick firmly to these proposals to avoid further delays. We need to see action to guarantee energy supply for the long-term, as a prerequisite for inward investment and growth.”

Draft bill: http://www.official-documents.gov.uk/document/cm83/8362/8362.pdf

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