The energy industry – and the renewables sector in particular – is set to receive a shot in the arm thanks to Government plans to support investment in the UK’s energy infrastructure. The draft Electricity Market Reform Deliver Plan, published for consultation on 17 July, aims to attract around £110 billion worth of investment into the infrastructure by 2020.

New power stations and upgrades to the electricity and gas networks are urgently needed as 20% of the UK’s current generation capacity will reach the end of its working life by 2020. Renewables will play a key part in the future generation mix and the draft Plan outlines special incentives for investing in clean technologies – such as new strike prices for investments into renewable energy projects.

Energy Secretary, Ed Davey, commented: ‘The new support mechanism we are introducing for renewables will make it cheaper to deliver low-carbon generation by around £5 billion up to 2030. This will put the UK one step ahead in the global race to develop clean technologies, and will support up to 250,000 jobs across the energy sector.’

Wilding says: ‘This is a step in the right direction, both in terms of replacing and upgrading our ageing energy infrastructure, and of meeting our renewable energy generation and carbon reduction targets. It’s great news for the “green” jobs market, too.’

Sources: Evening Standard and DECC