Building Britain's Energy Future: Industry and Energy in the 21st Century
It is imperative that, as an island nation, the United Kingdom stands ready to accept the reality that climate change is a real and present threat to Britain's physical status and to its economy. If we allow climate change to run rampant, our seaside towns will be swallowed, London will be submerged, and our economy will cease to function normally. That being said, the Government has come together on a sensible and smart energy policy, culminating with the Industry and Energy Act 2017.
What we have seen is an energy sector that has grown inefficient and unwilling to change in public hands. While we have built numerous nuclear energy facilities from 1980-2016, research and development into battery storage of hydroelectric, solar, and wind energy has stagnated. British Energy, under the direct management of the Government is not as competitive as the counterpart companies across Europe. Therefore, it has become the view of the government that we allow British Energy to be sold off in 2018 and be allowed to be a publicly listed company. That said, the Government does have a package of regulations and incentives ready for the private energy sector.
The Rt. Hon. Dr. Greg Clark, MP
Secretary of State for Energy and Climate ChangeAll new plants must be made to be carbon neutral, which includes nuclear, natural gas, oil, and coal fired power plants. The establishment of cogeneration plants will be promoted, which will provide 50% of all heat in the United Kingdom by 2030. This target allows companies to use waste hot water to generate heat for millions of homes in the UK.Encourage the creation of loans by the Government and other banks for fitting households and industries with energy saving technologies. The Government will also provide a rebate of up to 30% of all costs in switch to energy efficient technologies for households.OFGEM will be used to regulate the energy market and standards will be a joint implementation between OFGEM and the Environmental Agency. Energy cost will be capped at rising 1.2% above inflation with no ability to raise energy prices more than once a year. British Energy will be privatised and shares in the company will be publicly available in 2018 at market value of the company in the initial public offering.