Member Article

Northern electricity projects to benefit as £110 billion investment to be "unlocked"

Up to £110 billion investment and quarter of a million jobs can now be “unlocked” by 2020, the Government says, as it awards sixteen renewable energy projects draft investment contracts.

Among the projects to benefit from the draft contracts are Teesside Renewable Energy; Lynemouth Power Station in Northumberland; and Drax Power Limited in Yorkshire.

The contracts coincide with the publication of the Electricity Market Reform Plan which confirms “strike prices” for renewables developers - guaranteed payments made through the Contracts for Difference programme.

The Government say the Royal Assent given to the Energy Bill will provide the confidence investors need to support renewable energy projects.

Secretary of State for Energy and Climate Change, Edward Davey said: “We have driven the Energy Bill through Parliament on time to send out a clear signal to investors and industry.

“We have delivered the certainty they need and confirmed Britain’s position as one of the most attractive countries in the world to invest in energy generation.

“We are now able to build on the measures already in place to deliver cleaner energy, affordable bills, energy security and the creation of thousands of skilled green jobs across the UK.”

The plans also include a ‘Capacity Market’ to provide regular payments to capacity providers so that they are available to and produce energy when capacity is tight, or face penalties.

This was posted in Bdaily's Members' News section by Tom Keighley .