Autumn Statement – what it means for the Energy sector
Posted On November 26, 2015 By mhauk
Luke Morris, Head of our Energy sector made the following observations on yesterday’s Autumn Statement:
“This was an intensely political Autumn Statement, however, from an energy perspective, the doubling of the Department of Energy & Climate Change’s (DECC) innovation programme to £500 million over five years will surely be welcome to strengthen the future security of supply (i.e. beyond 2020). Some is earmarked for the development of small modular nuclear reactors, a technology we know the Chancellor is a fan of. We also know now that DECC plans to double spending on renewable heat and electricity in the five years, which indicates a softening to renewables that many commentators had previously shown concern over. The detail and how subsidies will be impacted in full, remains to be seen”.
If you would like to discuss any of these issues in more detail or you would like to speak with a member of our team, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with your local representative.