Deloitte comments on the Government’s much anticipated Energy Bill |
30 November 2012
Responding to Ed Davey’s announcement of the Government’s Energy Bill today, Robin Cohen, partner in Deloitte’s Energy & Resources practice, said:
“The draft Energy Bill represents the most fundamental set of reforms to the UK’s electricity market since privatisation, providing a new framework for supporting low carbon generation. It switches the focus onto competition for long-term contracts that are under terms and conditions set by the Government and subject to a centrally planned mix of generating technology, capacity level and budget ceiling. Accordingly, the role of spot markets in driving new investment is much reduced. Consequently, the strong incentives for energy companies to both generate and retail electricity, prominent over the last 10 years, will also be reduced. This should provide opportunities for market restructuring and for new companies to enter. However, it will significantly depend on the Government’s ability to instil investor confidence as it fulfils its new role in low carbon electricity market development."
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