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04 Nov 2009 09:11:10

Energy regulator plans £1bn worth of investment

Energy regulator plans £1bn worth of investment
The Office of the Gas and Electricity Markets (Ofgem) has proposed to invest £1 billion into green energy.

According to the industry regulator, the money would be invested over the next two years and could be vital in allowing a number of projects to go ahead to help in the battle against climate change.

The money would be the equivalent of 20 percent of a down payment needed during the next ten years as part of a ten year low carbon investment programme, the body explained.

Alistair Buchanan, Ofgem chief executive, said: "Ofgem has put forward a plan that could inject up to £1 billion into national electricity grid investment.

"This is needed urgently to handle growth in wind power and other renewable generation that is arising from Britain's drive to curb climate changing emissions."

More than 70 percent of the £1 billion worth of investment in green energy would be spent in Scotland.

Ofgem believes that investment totaling £5 billion will be needed if the government is to reach its 2020 green energy targets.



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