BEAMA respond to BEIS Committee Inquiry - future investment and finance for UK Energy Infrastructure 1
29 March 2019
We have an urgent request for input from members to respond to the BEIS Committee Inquiry on Finance Investment in the UK Future energy infrastructure. Deadline 3rd April.
Purpose of the inquiry
The Committee’s inquiry is launched in the wake of recent decisions by Hitachi and Toshiba to halt new nuclear projects at Wylfa and Moorside and concerns over how the UK’s ‘nuclear gap’ for low carbon electricity can be filled. The inquiry will examine the challenges to raising finance in clean energy technologies such as renewables and storage. As part of its look at the Government’s approach to attracting investment in energy, it is also likely to look at the potential future financing of nuclear power, and concerns around foreign investors in this technology.
Evidence is invited on potential investment across the energy sector, including power plants, system flexibility, and heat decarbonisation.
From our recent consultation with members in response to the smart flexibility plan we are aware that despite Government rhetoric being very positive in light of a move to develop a market for small scale renewables and flexibility, in reality the market is struggling more to gain the investment needed and it would seem a lot of this can be tracked to specific regulatory changes e.g. proposal by Ofgem to fix residual charges, removal of the renewables obligation etc. The survey which members will receive next week is aimed at gathering specific evidence in relation to these policy changes and having discussed this with the BEIS teams responsible for policy and regulatory decisions for our sector they are keen to work with us to highlight this evidence in the work they are doing and follow up with the Select Committee.
Please can you send me any comments regarding the attached Select Committee Inquiry questions and BEAMAs draft response by close of play on the 2nd April. Apologies again for coming to this a little late.
