The Energy Bill 2012: ROCS vs CfD FiTS?
On Thursday 29 November, the Coalition Government introduced its long-awaited Energy Bill into Parliament. Viewed by the Government as “essential legislation to power low-carbon economic growth, to protect consumers and to keep the lights on”, the Bill sets out changes to the way in which low-carbon energy projects are incentivised and how electricity from them is traded.
In addition to the introduction of contracts for difference feed-in tariffs (CfD FiTs) designed to provide stable revenues for investors in low-carbon electricity generation, the Bill also details how the transition from the existing Renewables Obligation (RO) incentive regime to the CfD FiTs will operate.
It is therefore increasingly important that existing low-carbon energy projects re-examine their power agreements to ensure that they are economically viable in their current form post-2017. Low-carbon energy project developers considering financing and entering operation between now and 2017 will have to give considerable thought to the Bill’s proposals and be ready to deal with what might be a rapidly changing landscape of policy and legislation…
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