Jul 12th 2011
Fundamental overhaul of electricity market to be confirmed today
The Government is set to publish its White Paper detailing major reforms to the electricity market today, Tuesday 12 July. The reforms include: a capacity payment mechanism to ensure the system has enough reserve plant to meet demand; a carbon price floor to reinforce the EU Emissions Trading Scheme and ensure low-carbon development; and an emissions performance standard which would prohibit "dirty" plant from operating without carbon capture and storage capability installed. The goal of the reforms is to increase investment for low-carbon power generation technologies by transferring the risk from the developer to the consumer. Energy and climate change secretary Chris Huhne is expected to deliver the statement to Parliament at 15.30.
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