UK business energy industry 'needs £150bn investment'

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Business energy consumers may wish to take note of the Confederation of British Industry's (CBI) concern over the lack of certainty within the UK's private sector about how to put £150 billion into supply, which is facing cuts of up to a third over the next ten years.

The organisation's chief policy director Katja Hall urged the government to "set a clear direction of travel and stick to it", observing a potential problem to be caused by policy changes. She noted the Carbon Reduction Commitment (CRC) as one such example.

Last month, the CBI's Rhian Kelly said ministers "pulled the rug" from under firms that originally signed up to the scheme by taking away certain incentives to be more environmentally-friendly.

One change observed by the body was the scrapping of revenue-recycling policies - two weeks after the initial deadline had been reached - which it described as "an unexpected blow" to those who had agreed to the CRC.

However, Ms Hall praised the Electricity Market Reform but asserted a need for further measures to encourage spending in the low-carbon sector.

Posted by Jim Tidy

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