Investment Hopes as UK Energy Bill is Passed into Law
By Anne Lewis-Schneider
The UK Energy Bill is set to change the face of the electricity market in a bid to raise investment funding to the value of £110 billion to cover the period through to 2020.The Legislation has been passed into law with the approval of the Queen, according to the Department of Energy and Climate Change, and ended a three year consultation period to have the proposed changes enacted.
These changes are essential for the maintenance of electricity and also to ensure the reduction of carbon emissions into the future. It is also hoped that the Bill will increase the appeal of investment into the renewable energy market and includes a guaranteed price structure for renewable sources of energy and also allowing for a market for spare energy for when the capacity reaches its limit and needs assistance to generate electricity in a hurry, which would be of great benefit to power stations that are fuelled by gas.
This has been a long procedure and now that it has been made law the ground work has been laid to develop infrastructure beyond the 2017 provisions in legislation. RenewableUK says that there is still much work that needs to be accomplished as government and the energy industry ensure that clean sources of renewable energy are brought to the fore.
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