Page 6 - Gi_September2019

industry & Government news

DIGEST the use of the Regulated Asset Base
(RAB) approach to attract significant
private investment for future nuclear
power in the UK.
Already used in major infrastructure
projects like the Thames Tideway
Tunnel, the alternative model
could reduce the cost of financing
infrastructure and risk for developers
BEIS UNVEILS PLANS consumers’ bills in the long-term.
while limiting the impact on
In one of his final acts as Business
and Energy Secretary, Greg Clark said:
TO TRANSFORM THE “Reaching net zero emissions will
require action across all areas of society -
from innovators, government, regulators
and civil society. We will all need to act
ENERGY SYSTEM together to ensure we cut emissions and
build a vibrant and innovative economy
that can continue to capture the
economic benefits of clean growth.
“A critically important step in
reaching net zero emissions will
be transforming the energy system
so the economy can be powered by
affordable, secure and clean energy.
We will need to change not just the
way we use energy in our homes and
businesses, but also how it is produced
and delivered. We need to do this in
a way that keeps the cost of energy as
low as possible and ensures our energy
security is never compromised.
“Through our modern Industrial
Strategy we are building on our
international leadership in clean growth
to invest and develop the technologies
and funding models we will need to
reach net zero emissions. This new
funding model has the potential to help
THE GOVERNMENT WANTS TO CREATE NEW MARKETS FOR ENERGY EFFICIENCY UK industry seize the global challenge
of the low carbon transition by building
JUST BEFORE BORIS JOHNSON’S Additionally, the government and the infrastructure we need, while
arrival at Number 10, the Department Ofgem are also seeking views on offering value for money for consumers
for Business, Energy and Industrial changes proposed to the energy codes and taxpayers.”
Strategy (BEIS) released a wave of governance framework. Plans have also been announced
energy-related policy proposals to According to the Department for to make it easier to recycle oil and
support the decarbonisation of the Business, Energy and Industrial gas infrastructure for use in carbon
UK’s energy system. Strategy (BEIS) and Ofgem, these rules capture, usage and storage (CCUS)
Among the announcements is a need to adapt much more rapidly to projects, including using some of the
government commitment of £170 enable the transition towards a more 20,000km of pipelines and depleted
million towards deploying technologies flexible energy system with net zero oil and gas reservoirs to transport and
like carbon capture and hydrogen emissions, while minimising costs and store carbon dioxide.
networks in industrial clusters. protecting consumers. According to BEIS, reusing existing
The government also announced This joint consultation seeks views oil and gas infrastructure for CCUS will
a consultation on facilitating energy on proposals for reforming the code help to tackle emissions from industry
efficiency in the electricity system. governance framework. and support people working in the oil
Network reports that the govenment In a further announcement, the and gas industry to move into the green
is seeking views on market barriers government has said that new nuclear economy, as the UK transitions away
to energy efficiency in the UK, and power and new technologies to cut from fossil fuels.
how it can create new markets for emissions across the economy could be A review of the retail energy market
energy efficiency, securing its role in rolled out under a new financing model, has also been announced along with a
the wider energy market, contributing which aims to lower overall costs by consultation on proposals for making
to flexibility and becoming a reliable having consumers fund future nuclear changes to the capacity market rules in
alternative to increased generation and projects before they are built. order to comply with new EU carbon
network reinforcement. It has set out proposals to explore dioxide emissions limits.

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News.indd 1 15/08/2019 16:05