UK publishes draft Energy Bill to attract low-carbon funding

In a statement, Edward Davey, secretary of state for energy and climate change, said the reforms are required in order to protect consumers and mitigate climate change.

Over the next decade, around a fifth of existing power-generating capacity will come off-line.

The government claims that without the reforms the country could witness blackouts and become more reliant on importing oil and gas from overseas.

Reform of the energy market through the new legislation is expected to provide investors with transparency, longevity and certainty needed to attract investment in low-carbon infrastructure.

In doing so, the government expects to see the creation of a portfolio of renewables, new nuclear and carbon capture and storage (CCS) that can compete fairly in the marketplace.

‘The reforms will… be better for the economy, leaving us less vulnerable to rising global energy prices and supporting as many as 250,000 jobs in the energy sector,’ said Davey.