Encouraging investment in our low-carbon electricity system
Originally published by UK Liberal Democrats
Today, the Government's electricity market reform pushes forward, as secondary legislation for the Electricity Market Reform programme is laid in Parliament. These reforms will ensure we keep the lights on, bills down and the air clean.
Reforming the system will encourage private sector investment in low-carbon electricity generation, and will keep costs down for customers. Household electricity bills are estimated to be 6% lower on average every year up to 2030 under EMR compared to reducing emissions through existing policies.
The new reforms will further strengthen the UK's position as one of the most attractive places to invest in energy globally. They will help to bring forward an estimated £100 billion of further investment in the energy sector through to 2020, with the potential to support up to 250,000 jobs in low-carbon electricity.
Demand for electricity will grow as it is increasingly used to power our transport and domestic heating, which could lead to blackouts affecting millions of homes in some years. The electricity market reforms will help to prevent this, securing low carbon energy for years to come.