New energy projects will help boost UK’s economy
Opinion Former News
The Institution of Engineering and Technology (IET), Europe’s largest engineers’ body, with 150,000 members in 127 countries, has commented on the recent summit held by Prime Minister David Cameron, and Energy Secretary Chris Huhne, with the six biggest power firms, consumer groups, and the regulator Ofgem.
A publication outlining the Green Deal Opportunities for Industry has been published jointly by the Construction Products Association Green Deal Project Team and the Energy Efficiency Partnership for Homes.
If the UK is to keep to its environmental commitments then electricity market reform (EMR) needs to quickly facilitate investment in new large scale generation, whilst enabling transition to a low carbon energy system over the next ten years, say the Institution of Engineering and Technology (IET).
Consumers will have to pay even more for their energy to fund the switch to renewable energy, under legislation to be published later.
The energy regulator has announced that UK energy bills could rise up to 60 per cent by 2016 due to climate change.
The Liberal Democrats have announced the delivery of the party’s manifesto pledge of a ‘green deal’ for insulating Britain’s homes – claiming the plans will create 100,000 jobs.
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Over 1,600 jobs will be created in the UK as part of an initiative to secure the nation’s long-term energy supply, according to prime minister David Cameron’s speech in Oslo yesterday.
The UK-Norway energy partnership, a bilateral agreement between the UK and Norway, will focus on strengthening the energy links between the two countries, with the goal of ensuring a secure and affordable energy supply for both countries into the future.
At the heart of the partnership will be a joint business advisory group to find ways to incentivize investment and encourage innovative energy technologies.
The executives of ten major energy companies, worth a combined £400 billion, are set to take part in the initiative, working together on issues such as environmentally sensitive oil exploration, electricity interconnection, and stable long-term oil and gas supplies.