Syntegra MD Alan King has thrown his support behind calls for the Energy Secretary to bring down costs and access to clean power supplies by speeding up sector reforms.
A group of leading businesses have called on Ed Miliband to unveil reforms to the current Renewable Energy Guarantees of Origin (REGO) scheme.
Major businesses have joined forces with the Climate Group to call for REGO reforms scheme in a bid to unlock greater transparency in pricing and electricity matching for clean energy while boosting capacity.
The signatories to a new policy paper consist of representatives from BT Group, British Land, Coca-Cola Europacific Partners, EnergyTag, Good Energy, Google, Pearson, Unilever, Unite Students, Vodafone UK and Virgin Media O2.
Alan said: “These companies play a significant role in our economy so it is important that the Government listens to, and acts on, their concerns. They are utterly justified in making this call.”
REGOs are a type of certificate aiming to clarify what percentage of a generator’s Fuel Mix Disclosure comes from renewable sources. These are issues per MWh of eligible output of renewable electricity. It aims to provide transparency to consumers on these issues – which Alan backs wholeheartedly.
The businesses are calling for reforms to the scheme to unlock more investment in renewables in the UK while increasing energy security and bringing down costs. They are specifically calling for actions and policy interventions that deliver greater transparency in pricing, more accurate electricity matching, and a boost in renewable capacity.
“The recent volatility in the REGO market underscores the urgent need for reform to ensure greater transparency and certainty for businesses who want to accelerate the transition to net zero.” BT Group’s sustainability director Rich Marsh said.
“We recognise the role that businesses must play in this process, and we urge the Government to work with industry to create a more predictable and effective system that supports long-term investments in renewable energy and decarbonises the UK grid.”
Alan added: “We know we all have a role to play and the fact that these major organisations are seeking this type of action means they are getting on the front foot and leading by example for other small businesses to follow suit with the required clarity and ease with which to reform and act.”
At the Energy UK Annual Conference 2024 in Westminster, Miliband committed to removing blockers to green energy transition in the UK.
The Minister pointed out that despite progress in renewable energy, the country still heavily relies on gas, with more than half of it imported and subject to international market fluctuations.
The announcement arrived in the same week that UK Foreign Secretary David Lammy announced the launch of a new Global Clean Power Alliance, aimed at speeding up the global shift to renewable energy.
The Global Clean Power Alliance will focus on boosting investment in clean energy, expanding energy grids and securing access to critical minerals. The goal is to support countries that are falling behind in the transition to renewable energy by sharing technology and financial resources.
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