Energy minister Chris Huhne told Parliament today huge investment in infrastructure and renewable technologies would be needed to transform the country’s electricity market.

Changes to Government initiatives, like the Feed-In Tariffs (FITs) scheme, have left the investor community unsure about backing renewables.

However, according to green investment advisors Climate Change Capital’s head of European policy, Ben Caldecott, new technologies will spearhead Britain’s new look electricity network.

He said: “The reforms can attract the scale of investment needed to renew our ageing energy infrastructure in a cost-effective way.

“And the new technologies deployed as a result, will create employment and reduce our growing dependence on unsustainable and volatile fossil fuel markets.

“If implemented, the reforms could be a collective victory for price stability over volatility, new clean technologies over the old polluting ones, and a win for exports over imports.

“Although today is only the end of the beginning for a complex reform process, we are now significantly closer to ending the uncertainty that has weakened UK energy sector investment.”

Mr Caldecott also said he believed the transition to the EMR will protect the value of capital already invested in the UK clean energy sector.

He added: “This is essential for building confidence amongst potential and existing UK investors.”

Luke Walsh

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