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“Policy changes at Decc have ‘spooked’ investors”
The Energy and Climate Change Committee (ECCC) has published a damning report that says policy changes at the Department of Energy and Climate Change (Decc) had “spooked” investors and “raised serious questions” about the government’s decarbonisation plans.
ECCC chair Angus MacNeil added that a number of “sudden and unexpected changes to policy” had left those with the money wondering what would be next and making them warier to part with the cash.
This obviously touched a nerve at Decc and for energy secretary Amber Rudd, who previously dismissed the notion of investor uncertainty in the sector, telling Utility Week: “I think we have investor confidence.”
So Decc has launched a counterattack to the ECCC report. It has set out the top 10 things it is doing to secure investment in “clean, secure energy”, including plans to reform the capacity market, getting Hinkley Point C built, £500 million for innovation, and support for up to 200 heat networks. Rudd’s department has also been eager to reiterate the energy secretary’s pledge to be “tough on subsidies so that technologies stand on their own two feet”.
What has not been forthcoming is more detail about what the new, and long-term policies are going to be. For example, investors, and industry, are keen to get more detail on the levy Control Framework post-2020.
There are plenty of good intentions from Rudd and Decc, but as yet, not much detail on exactly how these will be made a reality.
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