CRC — government confirms CRC will continue in a simplified form
The government’s Autumn Statement confirmed that the CRC Energy Efficiency Scheme (CRC) will be retained in a simplified form, rather than abolished. From 2013 CRC will be simplified and the Performance League Table will be abolished. The Government has also stated that there will also be a full review of the effectiveness of CRC in 2016 and that the tax element introduced at Spending Review 2010 is a high priority for removal. The price of CRC allowances will be £12 per tonne of carbon dioxide (tCO2) in 2013/2014 and £16/tCO2 in 2014/2015. From 2015/2016 onwards the price will increase in line with the Retail Price Index.
The Government estimates that the changes will deliver a 55% reduction in costs, saving approximately £272 million for participants…
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Analysis from The Lawyer
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