Britain Proposes Incentives for Low-Carbon Investment
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The U.K. government outlined plans to encourage 110 billion pounds ($170 billion) of investment in the electricity sector needed to replace aging power stations and upgrade the power grid by 2020.
Queen Elizabeth II, opening the new legislative session in Parliament in London today, announced measures to guarantee power prices for renewable generators and nuclear plants through so-called contracts for difference. The new Energy Bill will also create a “capacity market,” ensuring the security of electricity supply by paying producers for backup supplies when wind, solar and marine power fall short.