UK preparing to reform electricity market – minister

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Britain is set to reform its electricity market to encourage energy
companies to invest the billions of pounds needed for low-carbon power
generation, including nuclear, a minister said Sunday.

Energy Secretary Chris Huhne told Reuters in an interview that consultation
on changes to Britain’s electricity market would begin at the end of the
year, with legislative proposals published in spring 2010.

“(The consultation) is to make sure that we are putting in place a framework
that will bring forward the low carbon generation from whatever source that
we need over the next 10 years,” Huhne said.

He said the framework had to be “stable, clear and certain enough” to
persuade the energy companies to invest, as well as the financial markets
that will fund them.

Energy regulator Ofgem has said Britain needs to invest 200 billion pounds
to ensure supplies and meet climate change targets and will fail to secure
this without changes to the present system of market arrangements and
incentives.

http://www.reuters.com/article/idUKTRE68I1OI20100919

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