In response to the Institute of Mechanical Engineers’ report out today warning of severe generation supply shortages unless significant investment is made in the coming decade, David Cockshott, Chief Commercial Officer at Inenco published the following statement:
“For a decade, the UK has talked about the need to balance the triad of cost, carbon and continuity of supply, yet increasingly UK energy policy seem to be lurching from one point of the triad to another, with little regard for the consequences of disjointed decisions.
“The stability and certainty needed to secure investment and deliver a secure, balanced mix of energy generation is lacking – as seen by last summer’s decision to dramatically alter support mechanisms for renewables which drastically undermined investor confidence. As the Institute of Mechanical Engineers report makes clear, without decisive action now British businesses and consumers will suffer in the future from potential blackouts and crippling price hikes. It has never been more important to prioritise investment in UK energy for the future health of our economy.”