An industry-backed report has warned that the UK government’s energy policy dithering could threaten the sector, despite record levels of investment over the last four years.
$69bn has been spent by energy companies in the UK over the last four years according to the report, Powering the UK, undertaken by consultancy Ernst & Young and commissioned by industry body Energy UK.
Business Green reports that much of the investment is being driven by the need to replace aging power plants and decarbonise the UK’s energy infrastructure, with spending spread across a variety of areas including renewables, network upgrades and gas storages.
However, Tony Ward, head of Ernst & Young’s energy team, said the recent surge in investment was largely driven by “trust engendered by the historically clear path in energy policy”, adding that this trust was now being undermined by continued uncertainty over the future direction of energy policy.
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