Ørsted comments on the Energy Prices Bill
Ørsted has released a statement following UK Government's Energy Prices Bill announcement.
"As a guiding principle, we believe it is fair that if companies are making windfall profits from the current high energy prices, action is needed to return some of that profit to the consumers, and we fully support the need to take action to help stabilise long-term power prices for UK billpayers.
"Whilst we welcome the steps being taken by government today, the details of how the scheme will operate must now be set out if we are to maintain investor confidence and encourage continued investment in the sector as we work to accelerate the deployment of offshore wind, which will deliver energy security and lower, predictable costs for consumers and businesses. Many generators prudently hedged their output long before the current price spikes and so have seen little or no benefit from high prices this year, and any scheme needs to take full account of this.
"Whilst we understand the importance of putting measures in place this winter, it is vital that government continues to work with industry to ensure the scheme avoids any unintended consequences in the wider power market.
"Longer term, it is the build-out of renewable energy that will enable us to become independent of gas and other fossil fuels and to ensure security of supply for the UK. Therefore it is critical that in finding solutions to address the current crisis, we continue to ensure we support our world-leading low carbon and renewable energy sector which is worth more than £40bn to the UK economy."
