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UK government looking to change energy policy

The UK government is this morning rumoured to be on the verge of ripping up its historic 12 year energy plan which has seen monumental changes in the UK energy market. Ed Miliband, the energy and climate change secretary, has hinted that the government will bring in new legislation which will increase investment into carbon emission friendly energy sources.

It is believed that "capacity payments" may well be reintroduced which would effectively pay energy producers a guaranteed source of income if they participate in the low carbon energy production sector. This type of guaranteed payment would allow investors to look to the future with some confidence in the knowledge that they will receive "capacity payments" dependent upon the amount of energy they produce and make available to the UK market.

The government is looking for around £170 billion of investment into carbon friendly energy production which would allow the authorities to meet various targets introduced by the EU and other international bodies. However, so far the take-up of tax breaks and government initiatives regarding such areas as wind power has been very low and very disappointing. Whether the introduction of "capacity payments" will have a major impact remains to be seen.

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