Renewable Energy Generation Ltd REG Welcomes Government Support for Sector
June 27 2013 - 12:41PM
RNS Non-Regulatory
TIDMWIND
Renewable Energy Generation Ltd
27 June 2013
27 June 2013
Renewable Energy Generation Ltd ("REG" "The Company")
REG WELCOMES GOVERNMENT SUPPORT FOR RENEWABLE ENERGY SECTOR
The Board of Renewable Energy Generation Limited (AIM: WIND),
the UK renewable energy group, welcomes the latest announcements
made by the Department of Energy & Climate Change and Ofgem
that set out the Government's long-term support for the UK
renewable energy sector.
The Chief Secretary to the Treasury Danny Alexander and Energy
and Climate Change Secretary Edward Davey have announced a
wide-ranging series of initiatives and more details about the
reforms, ahead of schedule, to give developers and investors the
confidence to progress with new projects.
Renewable Strike Prices
Also announced were details, earlier than expected, of the
proposed strike prices that will be available from 2014 - 2019 for
renewable electricity, including onshore wind projects. Strike
Prices effectively remove price volatility risk for electricity
generated from low-carbon sources, under new long-term CfDs being
established by the Energy Bill. This ensures greater certainty to
generators and therefore a better deal to consumers. These prices
are broadly comparable to the support levels available under the
Renewables Obligation, with a number of adjustments to account for
the benefits of CfDs. CfDs should make it cheaper to deliver
low-carbon generation by around GBP5 billion up to 2030, because
they will deliver cost of capital reductions that cannot be
achieved through existing policy instruments.
In January, REG announced a strategic partnership with fund
management group BlackRock to develop, construct and operate a
large portfolio of on-shore wind farms. REG has established an
experienced team that creates value for its shareholders by
identifying sites to progress through planning and construction
into operation. REG currently operates 14 wind projects across the
UK with a total capacity of 67.15MW and six schemes with planning
consent awaiting construction comprising a further 30MW. The
Company's development pipeline amounts to around 1,000MW, with 15
projects comprising, in aggregate, 137MW already in the planning
system awaiting a planning decision.
Andrew Whalley, Chief Executive of REG commented,
"We are pleased with the support that the UK government is
committing to the UK renewable energy industry. The Strike Prices
for renewable technologies are intended to make the UK market one
of the most attractive for renewable energy developers, whilst
minimising cost to the hard pressed consumer. We welcome and
support these moves which should add a measure of certainty and
help boost home-grown sources of clean secure energy."
ENDS
Enquiries:
Renewable Energy Generation Limited
Andrew Whalley, Chief Executive Officer
David Crockford, Finance Director +44 (0)1483 901
Ian Lawrence, Communications Manager 790
Cenkos (Corporate Broker)
Bobbie Hilliam/Max Hartley +44 (0)20 73978900
City Profile +44 (0)20 7448
Simon Courtenay 3244
Notes to editors
Renewable Energy Generation Ltd (REG) is a UK renewable energy
group. Its main business is the development, construction and
operation of wind farms and generating power from refined used
cooking oil.
REG Windpower: based in Truro and Bath, UK, it currently
operates 14 wind projects in Cambridgeshire, Cornwall, County
Durham, Yorkshire, Cumbria, Lancashire and Gwynedd, with a total
capacity of 67.15MW and has a development pipeline of over
1,000MW.
REG Bio-Power UK Ltd: based in Nottingham, UK: it operates
electricity generation plant powered by fuel recovered from used
cooking oil.
Headquartered in Jersey, REG was admitted to trading on AIM, a
market operated by the London Stock Exchange, in May 2005 (AIM:
WIND).
www.renewableenergygeneration.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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