The Chancellor’s announcement this week has focused attention on the UK’s ambition to achieve Net Zero.
We’ve broken down some of the main points from the recent Spring Budget below.
The UK Government has pledged a £205 million budget for the latest round of the Contracts for Difference (CfD) scheme in order to strengthen the nation’s clean energy sector.
£170 million will be allocated for established technologies like offshore wind and £10 million for tidal stream technology in an effort to kickstart the UK’s tidal power industry.
Nuclear power will also be qualified for the same investment incentives as renewable energy, the Chancellor confirmed.
New Energy Efficiency Taskforce’s members have also been named by the Government.
The goal of the Energy Efficiency Taskforce is to develop a plan to reduce overall UK energy usage by 15% from 2021 levels by 2030, taking into account both residential and commercial buildings as well as industrial processes.
The new Energy Efficiency Taskforce members are:
– Laura Sandys, Chair, of the Government’s Energy Digitalisation Taskforce
– Emma Pinchbeck, Chief Executive Officer at Energy UK
– Stephen Phipson, Chief Executive of Make UK
– Adam Scorer, Chief Executive Officer at National Energy Action
– Sir John Armitt, Chair of the National Infrastructure Commission
£20 billion will also be allocated in the beginning phases of carbon capture and storage.
It’s been confirmed that the Government’s flagship Energy Price Guarantee (EPG) will remain unchanged until the end of June at £2,500 per year for a typical household.
The Spring Budget made no reference to further support to help businesses with their energy bills, which is a major concern and disappointment for many industries.
Contact ECA Business Energy today for the best business energy advice and support.