- The REA welcomes the confirmation of the Energy Security Bill proceeding to Parliament;
- The Energy Bill, initially introduced to Parliament on 6th July 2022, aims to deliver a cleaner, more affordable, and more secure energy system;
- However, the REA questions the unprecedented support for new nuclear which has not yet been matched for quicker to build and cheaper renewable technologies.
The Association for Renewable Energy and Clean Technology (REA) welcomes the confirmation of the Energy Security Bill proceeding to parliament. Secretary of State for Business, Energy and Industrial Strategy Grant Shapps has yesterday committed to taking forward the Energy Bill, which will act as a major step forward in building a secure future that is powered by cheaper, cleaner British energy, for Britain.
Delays to this bill earlier in the year risked undermining investment and certainty at a crucial time for renewable energy and clean technology investment to achieve Net Zero.
However, it is vital to also consider the Electricity Generators Levy, which is still deterring investors, coupled with the unprecedented support for new nuclear energy, enjoying support not yet seen for renewables. Many renewable energy and clean technologies can be built much more quickly at a lower cost, therefore the REA now urges government to accelerate support in this sector alongside nuclear power.
Frank Gordon, Director of Policy at the Association for Renewable Energy and Clean Technology (REA), said:
“The REA welcomes the confirmation of the Energy Security Bill proceeding to Parliament. The bill provides certainty for investors in both hydrogen and bioenergy with carbon capture and storage (BECCS) – both technologies identified by the Climate Change Committee (CCC) as critical to reaching Net Zero.
“The REA has been calling for this Bill to be reintroduced since the summer, when its progress through parliament was delayed by the political uncertainty in Westminster. This previous stalled legislation stifled investment and certainty; therefore the Bill proceeding is indeed a step in the right direction.
“Of course, this all needs to be taken in the context of the Electricity Generators Levy spooking investors, and the unprecedented support for new nuclear, enjoying support not yet seen for renewables which can be built quicker and cheaper.
“The investment in energy efficiency (in the constraints of current public finances) is also extremely welcome, however the REA is now calling for this to be advanced in light of the pressing situation.”