The UK government recently published an update regarding its “Final Investment Decision Enabling programme”, which has been designed to help developers of low carbon electricity projects to make final investment decisions before the electricity market changes in the second half of 2014.
Through this programme, developers of renewable electricity projects will be in the position of applying for support, which will enable them to commission and build new projects more quickly.
The aim of the government is to offer investment contracts to successful applicants in Autumn, based on the draft strike prices and contract terms that are going to be published in Summer. With this effort, developers will be incentivised to make final investment decisions this year, while this process will allow the beginning of construction of a number of projects sooner than otherwise.
According to the Energy and Climate Change Secretary, Edward Davey, “It’s vital that we get the economy moving again, and stimulating low carbon investment and the creation of green jobs is central to this”.
“We want to give investors and project developers across low-carbon technologies as much certainty as we can, as early as we can”.
“That’s why we are launching a process that will enable investment decisions to be taken before changes to the electricity market come into effect, ensuring that renewable electricity projects can get built, bring investment and jobs.”
