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Government recommits to clean energy growth

Government recommits to clean energy growth

A KPMG update on the Government’s clean growth strategy.

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Simon Virley - Partner and Head of Power and Utilities

Partner and UK Head of Energy & Natural Resources

KPMG in the UK

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Government recommits to clean energy growth - clean energy sources with Big Ben

On Thursday 12 October the Department of Business, Energy and Industrial Strategy (BEIS) made a series of announcements traversing the four pillars of the ‘quadrilemma’, the framework used to balance the Government’s energy policy objectives of affordability, security of supply, decarbonisation and industrial strategy.

While much of the content had been announced or soft tested previously, the announcements provide us the first full picture of the new Conservative Government’s plans for energy policy.

Specifically, BEIS announced:

  1. Decarbonisation and industrial strategy: Publication of the ‘Clean Growth Strategy’ outlining the Government’s plans to meet the legislated Carbon Budgets for 2032.
  2. Affordability: Publication of the draft Domestic Gas and Electricity (Tariff Cap) Bill designed to enable the Office of Gas and Electricity Markets (Ofgem) to implement an absolute price cap on standard variable tariffs.
  3. Security of supply: The National Grid published the Winter Outlook Report assessing the winter capacity margins for winter 2017/18 and BEIS published a review of the gas security of supply in the UK through to 2035.

Download the full update to find out what this means for the UK energy sector.

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