A FiT Government

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News article

A FiT Government

October 2010

renewable energy news

After a concerning period of uncertainty for those involved in the development of renewable energy projects to take advantage of ‘Feed-in Tariffs’ (FiTs), the sector received some positive news yesterday in the coalition Government's Comprehensive Spending Review.

Following continued speculation that the government would slash FiTs, a scheme only introduced on 1st April this year by the DECC under the Labour government, at 12:30pm on 20th October 2010 Chancellor George Osborne stood up in the House of Commons and announced:

“The efficiency of feed-in tariffs will be improved at the next formal review, rebalancing them in favour of more cost effective carbon abatement technologies. This will save £40 million in 2014-15. Support for lower value innovation and technology projects will also be reduced, saving £70 million a year on average over the Spending Review period.”

Whilst this may raise questions for those looking to develop projects in the medium term, the immediate and short terms remain positive with no change to the original scheme, where a review of FiT technologies and FiT rates was always scheduled for 2013.  

A note of caution however is the Government’s consideration of an early review if there is “higher than expected deployment”, effectively reserving the right to cut the tariff rates if the level of uptake exceeds current projections.   Further clarity from the Government is currently being sought by the industry on this reservation.

To compliment this announcement on FiTs, the Chancellor also outlined that over £1 billion will be put towards the establishment of a ‘Green Investment Bank’, which will aim to encourage private sector investment in green infrastructure projects. 

For further information, please contact Darren Edwards on 01858 410200 or email: darren.edwards@fishergerman.co.uk
 
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