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Industry backs energy market reforms

Trade body RenewableUK has welcomed the government’s energy market reforms stating it properly addressed most of the industry’s concerns.

RenewableUK said the reforms would lead to a “green energy revolution” with a higher target of 18GW of capacity by 2020. The body also said the measures should bring offshore industry costs down by 30% as greater efficiencies are achieved.

“Our evidence-based studies show that 90,000 people will be working in the wind and marine energy sector in ten years time,” said RenewableUK’s chief executive Maria McCaffery.

“Today’s announcement will allay several industry concerns and provides a basis for continued engagement between industry and Government”.

ICE director general Tom Foulkes said the white paper is a “much-needed” development.

“Creating certainty for investors is the only way the UK is going to guarantee a secure and affordable low carbon energy supply in the future and if we get it right the opportunity is there for the UK to become a global market leader as an attractive, low risk place to invest,” he said.

”Urgent ratification of the energy NPSs is crucial to maintain investor confidence and ensure critical infrastructure programmes go ahead as planned.

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