Davey: Plenty of investment in energy sector and lights will stay on
Energy and Climate Change Secretary Ed Davey has hit back at claims the UK could be at risk of an energy blackout, while also rebutting the idea investors were now shying away from the UK.
Speaking to the BBC, Mr Davey suggested the UK actually had the" healthiest pipeline of investment in our history".
Statistics given by the Energy Secretary suggest there was £8bn invested in energy production capacity last year, up from previous figures of £5n a year between 2005 and 2007.
He said: "We have huge amounts of companies wanting to invest.
"If you look at independent analysis, [it says] Britain is one of the best places to invest in energy in the world… We're seeing an investment renaissance in energy in this country"
His comments come less than a month after British Gas parent company, Centrica's CEO, Sam Laidlaw said the current political wrangle over energy prices and the potential of a energy price freeze if Labour came into power had stilted the prospects of investment.
In a recent interview Laidlaw also warned the energy inquiry the 'Big Six' energy suppliers faced could also lead to blackouts.
His words echo a similar warning issued by Ofgem last year. The UK energy regulator warned spare electricity production was falling to a dangerous low, with a possible capacity of as little as two per cent by 2015.
In response to Mr Laidlaw's comments, Mr Davey added: "We're going to keep the lights on, that's for clear. From day one we've been pushing investment up massively."
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