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03/02/2010
UK Energy Supply Warning
UK energy regulator Ofgem has called for far reaching energy market reforms in order to secure future supplies.
An unprecedented combination of the global financial crisis, tough environmental targets, increasing gas import dependency and the closure of ageing power stations has "cast reasonable" doubt over sustainability.
Ofgem said "prompt action" will reduce risk to energy supplies and help lower costs to consumers as well as bolstering progress on climate change targets. The regulator has put forward a wide range of options for further consultation, including improved market signals, obligations on suppliers and capacity tenders to give greater confidence to help meet our carbon targets.
Other options also include more structural reform ranging from a centralised renewables market through to a central buyer of energy.
Ofgem's Chief Executive, Alistair Buchanan, said: "Our evidence shows that Britain has a window of opportunity to put in place far reaching reforms to meet the potential security
of supply challenges we may face beyond the middle of this decade.
"We do not advocate change lightly, but all the facts point to the need for reforms now to provide resilient supply security. Acting earlier will also help keep costs as low as possible for consumers and business."
He continued: "Ofgem has therefore put forward a range of possible options to unlock the up to £200 billion of investment Britain may need. We are keen to work with Government to find the best way forward."
(PR/BMcC)
An unprecedented combination of the global financial crisis, tough environmental targets, increasing gas import dependency and the closure of ageing power stations has "cast reasonable" doubt over sustainability.
Ofgem said "prompt action" will reduce risk to energy supplies and help lower costs to consumers as well as bolstering progress on climate change targets. The regulator has put forward a wide range of options for further consultation, including improved market signals, obligations on suppliers and capacity tenders to give greater confidence to help meet our carbon targets.
Other options also include more structural reform ranging from a centralised renewables market through to a central buyer of energy.
Ofgem's Chief Executive, Alistair Buchanan, said: "Our evidence shows that Britain has a window of opportunity to put in place far reaching reforms to meet the potential security
of supply challenges we may face beyond the middle of this decade.
"We do not advocate change lightly, but all the facts point to the need for reforms now to provide resilient supply security. Acting earlier will also help keep costs as low as possible for consumers and business."
He continued: "Ofgem has therefore put forward a range of possible options to unlock the up to £200 billion of investment Britain may need. We are keen to work with Government to find the best way forward."
(PR/BMcC)
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