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The Energy Bill has failed to meet the high expectations of investors in the sector, according to a report by Ernst and Young.
In the quarterly Renewable Energy Country Attractiveness Indices (CAI) Ernst and Young say the Energy Bill has failed to live up to its billing as a transformative piece of legislation, but is now viewed as a framework with long term commitments.
Ben Warren, Ernst and Young’s environmental finance leader, said: “A series of delays, some very public political squabbling and the over-hyped “once in a generation chance” to reform the UK’s energy market has failed to meet the sector’s expectations.”
One of the biggest disappointments to investors, according to the report, was confirmation that a decarbonisation target will not be set until 2016.
Warren added: “This delay casts doubts over the UK’s commitment to cut carbon emissions by 50 per cent by 2027 and left investors with a sense of uncertainty.”
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