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ECCC to review drop in renewables investment

The Energy and Climate Change select committee (ECCC) has agreed to investigate whether there has been a drop in investor confidence towards the energy market since the entrance of the new government.

ECCC chair Angus MacNeil said:

“Energy projects like offshore wind farms and nuclear power stations can take years from planning to completion, so maintaining investor confidence is crucial if we want to upgrade our energy system.”

“Energy experts have told us that the government has spooked investors with a series of sudden energy policy changes announced over the summer without proper parliamentary scrutiny. We will be looking at what steps Government must take to restore confidence in the UK’s energy sector and improve Decc’s policy making processes.”

After the government cut subsidies to renewables development and refused planning permission on various sites, there has been an increased uncertainty towards investing in the UK energy market. Investors are looking towards other worldwide investments instead.

MacNeil stated:

“We have learnt that the UK has lost its place in the top ten markets for clean energy, as investors look to more attractive markets overseas. Investors still wonder what the next step is. It’s a real surprise that the Tory government is risking private investment like this.”

So the Tories are in the firing line again! When will they give in to pressure to bring back renewables subsidies and encourage clean energy development?

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