Government Places Green Energy On Top Of Their Agenda To Boost Investment
By Cynthia Taylor
The coalition government is to open the doors for multi-billilon pound investments in off-shore renewable energy as part of their plans for boosting major infrastructure project in UK.
Energy Secretary,Ed Davey is expected to make an announcement about price subsidies that will be paid by the government, to the electricity suppliers, who have agreed to investments in green energy generation, for the next five years.
Sources at Whitehall said that the Treasury has agree to substantial premium payments, for the green energy projects that they claimed they expected billions of pounds of investment, from private investors for wave, tidal, wind projects. At the same time Michael Fallon, the Conservative Energy Minister will be releasing details on the latest projections with regard to shale gas from the British Geological Survey. It is expected that this will show that it is larger than was expected, for potential reserves for shale gas, and that this will benefit from government support.
The energy announcement will be part of a coordinated series of announcements which will show more than £100bn of the public money will be spent on transport, housing and energy projects during the next five years.
Approximately £50bn will be spent by 2015 and a further £200bn by the end of the decade.
Capital spending will also benefit science, schools and transport.
Discussions between Treasury and the DECC with regard to the degree of the subsidies for renewable and nuclear generation appeared to have gone haywire, however, a source in the Lib Democrats said that they were happy with the settlement that will be announced, as they felt it will unlock new investment for renewables..
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