During an industry roundtable in Downing Street energy firms across renewables, oil and gas and nuclear outlined projects worth as much as up to £100bn to be built across the UK over the next decade.
At the event, which was attended by ScottishPower, RWE, RenewableUK, Offshore Energies and others, Energy Security Secretary Grant Shapps said: “The consensus among energy firms was clear – there are immense opportunities ahead and these can only be seized if the UK government, industry and regulators work together across the sector to accelerate investment into renewables, bring down bills and deliver on net zero.
“The investment projects discussed today will not only of safeguard hundreds of thousands of skilled jobs across the country but ensure a resilient and sustainable energy future for the Britain.”
Government and industry also agreed on the importance of working together across the energy sector to boost the UK’s competitiveness and investment into home-grown clean power, create and safeguard jobs across the country, reduce bills for consumers and households and make progress towards net zero.
Shapps also outlined the government’s new powers to protect UK energy supplies.
RenewableUK’s Executive Director of Policy Ana Musat said: “At a time when energy security, affordability and decarbonisation remain high on everyone’s agenda, the renewable energy sector welcomed the opportunity to meet with the Secretary of State to discuss the opportunities and challenges we face.
“There was widespread agreement of the need to improve the UK’s investment environment, as we’re facing very challenging economic conditions and strong international competition for supply chain, skills and investment.
“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.”
ScottishPower chief executive Keith Anderson said: “We welcomed the opportunity to hear the Secretary of State’s continued commitment to the UK’s world leading position on tackling climate change and delivering net zero, while growing the economy.”
RWE’s UK country chair Tom Glover added: “With an ambition to invest up to £15bn in the UK electricity market by 2030, it was good to discuss the issues facing the industry at the roundtable today with Grant Shapps, the Secretary of State for Energy Security and Net Zero, and very reassuring to hear him emphasise the government’s commitment to net zero targets and the UK’s carbon budgets.
“We emphasised the need for more and regular engagement between government and industry, the continued commitment to net zero and the requirement for interim targets for the electricity sector.”