UK power market reforms pose danger to industry and investment, ministers told

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Financial Times 16h ago

UK power market reforms pose danger to industry and investment, ministers told - Financial Times

Quick Summary:

Proponents argue this could make the market more efficient and keep system costs down by encouraging consumers to use electricity when it is abundant nearby, rather than letting it go to waste, as frequently happens.

The proposed reforms are part of sweeping potential changes to the electricity market first advanced in 2022, to adapt to the shift to renewable sources of generation such as intermittent wind and solar power.

The message comes at a sensitive time for the new Labour government, which is trying to demonstrate the UK’s attractiveness to investors ahead of its global investment summit on October 14. The recipients included energy secretary Ed Miliband and Jonathan Reynolds, business secretary.