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Implications of UK Government Spending Review for the Energy Industry
Datamonitor, Nov 2010, Pages: 11
Introduction
In June of this year, DECC released its plans for 2010/2011. The 32 point plan is its manifesto and was based upon a larger budget than DECC now has at its disposal. If the cut compromises this plan, the media may have a case for their complaints. If DECC were to achieve its goals despite the cuts, the coalition would deserve some credit for well conceived savings.
Features and benefits
- Amendments to the Carbon Reduction Committment caused by the spending cuts mean that DECC fails its number 1 action plan.
- Dramatic cuts to DECC's 'Green Bank' jeopardise its ability to have any real impact on the UK’s overall energy market.
- A schism is appearing between the UK’s domestic and foreign stance on climate change. In the absence of a Climate Change Levy this will get worse.
Highlights
Although DECC has worked quickly to meet its targets, the department must be careful not to become too involved in next year’s targets. The austere regime of the new government is likely to curb DECC’s freedom to do this. Whether efficient or not, this should allow the UK to tackle its energy problems as and when they arise on an annual basis.
Your key questions answered
- This analysis brings together the full implications of the spending review on DECC and the UK's energy future.
- Understand how DECC will respond to the spending review, and how it will build a green economy in austere times.
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