RenewableUK has called for reforms to the country’s Contracts for Difference (CfD) system to improve investor confidence.
Representatives from the renewable energy sector met with Secretary of State for Energy Security and Net Zero Grant Shapps at today’s energy security summit in Downing Street, where they discussed measures to accelerate the transition to clean power.
RenewableUK Executive director of policy Ana Musat (pictured) said: “We are all aware that prioritising the roll-out of cheap, homegrown renewable energy projects is essential to strengthen Britain’s energy security.
“Wind and solar generate power cheaper than any other new energy source, so the Government can improve investor confidence in this space by ensuring that the Contracts for Difference framework takes account of the economic pressures faced by the sector.
“In addition, we highlighted the need to ensure a consistent pipeline of renewable energy projects so that we can maximise the opportunities of supply chain investment in areas where the UK has a competitive advantage, such as floating wind, cables and blades.
“This will enable us to create more high-quality well-paid jobs, especially in coastal communities outside London and the south east – offshore wind alone is set to employ over 100,000 people by 2030. Every opinion poll shows strong public support for moving faster on renewables, so it’s essential that the Government’s energy security strategy is centred on developing this sector.”