Source · Select Committees · Business, Innovation, Science and Trade Committee
Recommendation 64
64
Paragraph: 246
UK electricity sector investment proposition has significantly deteriorated amid global competition.
Conclusion
The UK investment proposition for the electricity sector has deteriorated since the launch of our inquiry. The global race for capital in low-carbon projects has intensified. Meanwhile developers of renewables projects in the UK are experiencing substantial cost inflation and are subjected to a windfall tax less generous than that of the oil and gas sector. These factors, which are compounded by policy and regulatory delays, risk putting the viability of some renewable projects in danger. The Government has yet to set out a competitive offer to industry to ensure that the UK can continue to attract investment and maximise the economic opportunities of the transition to a decarbonised power system. The time to do so is limited.
Paragraph Reference:
246
Government Response
A response document is linked to this report, dated 14 July 2023. Response attribution to this conclusion has not been verified. Read the response document ↗