Crucially ahead of the imminent Allocation Round 7, this decision gives much-needed clarity and will encourage ongoing investment in the UK’s renewable energy future. The UK needs a record £40bn of investment in clean energy over the next five years to deliver the 2030 clean power mission and this decision is a very welcome confidence boost for the sector and a critical step in unlocking that investment. This is investment that will deliver jobs, industrial benefits and will lower consumer bills for the long-term, reducing our dependence on expensive, volatile international gas markets which currently play such a key role in determining how much we pay for electricity.
As we switch to a renewables-led electricity system, it is crystal clear that we must reform national pricing to ensure it delivers for domestic bill-payers in every part of the UK, as well as for businesses and industry. We look forward to working with government to get that design right and to do it as quickly as possible, ensuring we achieve the government’s target of an electricity system that is fairer, more affordable, and more secure for everyone