The coalition is committed to cleaner energy and cheaper bills. That means unlocking billions in new investment across the energy sector. Transparency, longevity and certainty for investors are key. That is exactly what our electricity market reforms will deliver.
I am grateful to the Minister for that response, but investor confidence is essential and investors need to make decisions now, otherwise the UK will miss the boat in the forthcoming development of renewables. Therefore, what discussions has he had with investors and what advice have they offered the Government on what is required to establish investor confidence?
It is fair to say that the DECC ministerial team has an unprecedented level of engagement with investors, not just from the UK but globally. Last week, I was with the Prime Minister, the Secretary of State and Masdar from the United Arab Emirates at the inauguration of the London array, the world’s largest offshore wind farm. We have proactive engagement with global investors, who all say the same thing: “We back your electricity market reforms, crack on with them, let us get deploying and get past the 13 years of under-investment that we saw under Labour.”