Energy Bill 'must encourage green investment' - 16/05/2012
A group of energy suppliers have written to the government urging it to ensure the forthcoming energy bill offers a friendly environment for investing in renewable energy.
Reforms of the UK's electricity market were named as one of the key priorities for this parliamentary term in last week's Queen's Speech, with the Department of Energy and climate Change explaining the changes are intended to offer long-term certainty for low-carbon projects.
However, companies including SSE, Ecotricity and Good Energy have signed a letter to the government warning the legislation to boost renewable investment must be carefully thought through, as the proposals in their current state could have numerous unintended consequences that would harm the market.
It warned the mechanisms set out in the plans are highly complex, which will discourage new investors from entering the sector, while the expenses and associated risks have not been properly modelled by the government.
As a result of this, the firms warned: "Consumers will pay for the new risks and costs introduced by this mechanism through their energy bills."
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