Action needed to ensure Britain's energy supplies remain secure

OfgemOfgem today published its Project Discovery conclusions after extensive consultation and analysis. They confirm the need to act to deliver both security of supply and environmental objectives at affordable prices beyond the middle of this decade. Prompt action will ensure that consumers do not pay more than is necessary and also allows time for a wider range of reforms to be considered.
Ofgem has put forward a wide range of options for further consultation, including improved market signals, obligations on suppliers and capacity tenders to give greater confidence to help meet our carbon targets. Other options also include more structural reform ranging from a centralised renewables market through to a central buyer of energy.
  • Ofgem recommends far reaching energy market reforms to consumers, industry and government
  • The unprecedented combination of the global financial crisis, tough environmental targets, increasing gas import dependency and the closure of ageing  power stations has combined to cast reasonable doubt over whether the current energy arrangements will deliver secure and sustainable energy supplies
  • Prompt action will reduce risk to energy supplies, help lower costs to consumers and help progress towards climate change targets
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