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30 Mar 2023
UK Electric Utilities: 'Green Day' highlights
Centrica plc (CNA:LON), 129 | Drax Group plc (DRX:LON), 523 | Good Energy Group PLC (GOOD:LON), 255 | National Grid plc (NG:LON), 0 | SSE plc (SSE:LON), 0
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UK Electric Utilities: 'Green Day' highlights
Centrica plc (CNA:LON), 129 | Drax Group plc (DRX:LON), 523 | Good Energy Group PLC (GOOD:LON), 255 | National Grid plc (NG:LON), 0 | SSE plc (SSE:LON), 0
- Published:
30 Mar 2023 -
Author:
Martin Young -
Pages:
5
Carbon Capture Usage and Storage: First projects will be announced to progress to the next stage of the negotiations to rollout the first Carbon Capture clusters.
Delivering Great British Nuclear: Great British Nuclear will be responsible for driving the delivery of new nuclear projects, with the aim that up to 25% of the UK’s electricity could be from nuclear sources by 2050. The first job for Great British Nuclear will be launching a competition to select the best Small Modular Reactor technologies for development.
Delivering a Hydrogen economy: Funding awards to new hydrogen projects across the country, from the £240m Net Zero Hydrogen Fund. Shortlist of 20 projects to take to the next stage in the first electrolytic hydrogen allocation round.
Accelerating deployment of renewables: Bidding opens for CfD AR5 with an initial budget of £205m. Floating Offshore Wind Manufacturing Scheme launched, providing up to £160m.
Reducing energy bills by increasing energy efficiency: Up to 80% of people across the country in council tax bands A-D will qualify for support to make their homes more energy-efficient under a new ECO+ scheme, to be called the “Great British Insulation Scheme”.
Reducing our reliance on fossil fuels to heat our buildings: A new £30m Heat Pump Investment Accelerator, designed to leverage £270m private investment to boost manufacturing and supply of heat pumps in the UK. Boiler Upgrade Scheme extended until 2028.
Driving Household electricity bills down: Confirmation that the Govt will set out plans during 2023/24 to rebalance gas and electricity costs in household bills.
Speeding up planning: A new set of revised Energy National Policy Statements for consultation which will speed up planning approvals for energy infrastructure. An investigation by the Electricity Networks Commissioner will examine what else can be done to speed up the network.
Decarbonising transport: Launch of the Local Electric Vehicle Infrastructure fund, along with an On-Street Residential Chargepoint Scheme.
Mobilising Private investment: Jeremy Hunt will unveil an update to the Green Finance Strategy that will mobilise the billions of private investment needed for net zero and nature recovery. It includes consulting on requirements for the UK’s largest firms to publish net zero transition plans, mirroring requirements for financial firms; consulting on regulating ESG rating providers; and announcing a series of new investment roadmaps sign posting opportunities in the offshore wind, hydrogen, CCUS and heat pump sectors.
The UK Infrastructure Bank (UKIB) has announced that it will appoint managers for equity funds covering both short and long duration electricity storage. The Bank will invest up to £200m across the two funds on a matched basis, crowding-in wider sources of finance into the sector, and expects to make direct investments in electricity storage going forward.