18/03/2010
Electricity market delivers what it is meant to deliver
Commenting on the Royal Academy of Engineering’s report Generating the future: UK energy systems fit for 2050, published today (18 March) David Porter, Chief Executive of the Association of Electricity Producers said:
‘The electricity market delivers what it is meant to deliver – competitive prices and reliable supply. It should also be able to deliver carbon reduction, but only if the framework for that is clear, stable and durable.
Investment has always come forward. New gas fired power stations, renewable energy, gas pipelines, gas storage etc. But, the new investment challenge is huge - £200 billion to replace ageing power stations and continue the transition to low carbon electricity.
To deliver this, energy companies have to attract investment in a difficult global market. It is vitally important that we get this right. I envisage that we shall want to build on our success rather than throw everything into the air and start again’.
ENDS
Contact:
Rachel Hunter, Communications Executive, 0207 747 2922