Renewable electricity investors to benefit from streamlined support process
The support application process for renewable electricity projects is to become simpler under a Government policy update published today.
The Government’s Final Investment Decision Enabling programme is designed to help developers of low carbon electricity projects make final investment decisions ahead of changes to the electricity market in the second half of 2014.
The update sets out the process which will offer investment contracts to successful applicants in the Autumn, based on the draft strike prices and contract terms that will be published in the Summer.
The Department of Energy and Climate Change (DECC) hopes that by helping developers make final investment decisions this year, construction will be able to start on a number of projects sooner, compared to time periods prior to the update.
Energy and Climate Change Secretary Ed Davey said: “It’s vital that we get the economy moving again and stimulating low carbon investment and the creation of green jobs is central to this.
“We want to give investors and project developers across low-carbon technologies as much certainty as we can, as early as we can.
“That’s why we are launching a process that will enable investment decisions to be taken before changes to the electricity market come into effect, ensuring that renewable electricity projects can get built, bring investment and jobs.”