A statement the Department of Energy and Climate Change (DECC) said that feedback from the Energy and Climate Change Select Committee had meant the government amended the bill, adding a clause that will enable a 2030 decarbonisation target for the power sector to be set in 2016. The target will be set following advice from the Committee on Climate Change.
The government says the bill will incentivise £110bn of private sector investment into the industry by 2020. Business and Energy Minister Michael Fallon said, ‘This Bill will bring unprecedented levels of inward investment into our energy infrastructure, on a scale that will dwarf the Olympics and indeed everything else in the infrastructure pipeline from transport, water and telecoms.
‘Already since 2010, we have secured £29bn of the £110bn investment we need, supporting 30,000 skilled jobs in the renewables sector. We estimate that in total there could be 250,000 jobs in the energy sector as a result of the Energy Bill.’
Yesterday star of TV show The Apprentice and founder of the Amstrad computer companyLord Sugar called on the government to insert a 2030 target for green electricity into the Energy Bill in order to end the ‘prolonged uncertainty’ surrounding companies and investors in the energy sector.
In a letter to the Financial Times, Sugar urged ministers to make the last-minute change to the Energy Bill as it enters the House of Commons this week for its third reading.
This report provides energy managers and heads of sustainability with an independent analysis of the UK Energy Bill and package of energy policy reforms, published by the UK government on November 29, 2012. While these energy policy reforms will affect power utilities most, Verdantix analysis finds that the measures will also impact corporate energy management programmes. The Energy Bill, and other energy policy reforms, will support corporate investment in large-scale renewables through: low-carbon generation subsidies; financial support for energy efficiency equipment upgrades; and opportunities for demand response programmes. Before the Energy Bill clears its final legislative step, the government must address a number of key questions including low-carbon generation subsidy levels and the structure of financial incentives for energy efficiency initiatives.
TABLE OF CONTENTS
UK ENERGY BILL SET TO BOOST CORPORATE ENERGY MANAGEMENT
Energy Bill Policy Shields Energy-Intensive Firms From Rising Costs
Corporates Eye A Cut Of £7.6 Billion Low-Carbon Power Subsidy
Government Must Resolve Major Questions Before Energy Bill Passes Into Law
TABLE OF FIGURES
Figure 1. Four Key Elements Of The UK Electricity Market Reform
B&Q, BT, DECC, IKEA, National Grid, Novo Nordisk, Rio Tinto, Tata Steel