Posts tagged DECC
Major industry Players back the Green Deal Finance Company as £244m funding package is ready to flow
The Green Deal Finance Company (GDFC) has confirmed a £244 million funding package to set-up Green Deal Plans that will enable providers across the country to begin work on the scheme.
The GDFC can also confirm the 16 organisations behind the stakeholder loan – all key players in the Green Deal. This package will provide very long-term and low-cost funding to enable householders across all parts of the country to finance energy efficiency improvements to their homes.
The 16 organisations behind the stakeholder loan are key players in the Green Deal, including energy suppliers, potential Green Deal installers and the Department of Energy and Climate Change. They are British Gas, Carillion, CertiNergy, CIGA, the Department for Energy & Climate Change, Domestic and General Insulation, EDF Energy, E.ON, Gentoo, InstaGroup, Kingfisher, Newcastle City Council, RWE npower, PricewaterhouseCoopers LLP, SSE, and ScottishPower.
The financing package consists of:
- committed funding of £69 million from 16 members of the company and other stakeholders in the Green Deal in the form of Stakeholder Loans and Junior Capital
- an additional Junior Capital Facility of £20 million and a Contingent Capital Facility of up to £30m provided by DECC
- a senior debt facility of £125 million provided by the UK Green Investment Bank
Mark Bayley, Chief Executive of the Green Deal Finance Company, said: “I am delighted to confirm the completion of the £244m financing package with our principal stakeholders, DECC and the UK Green Investment Bank. We can now offer Green Deal Providers a one-stop-shop to set up, finance and administer Green Deal Plans.
“By ensuring that householders can only borrow what they can expect to save in energy bills, and by offering a fixed rate for 10 to 25 years, Green Deal Plans will be affordable and widely available to over 80% of the population. No other consumer credit product offers a fixed rate for up to 25 years and is this inclusive.”
“I am also delighted to be making this announcement after very strong growth in Green Deal assessments of energy-saving measures requested by householders during March, well in excess of the 1,800 or so assessments carried out in February. Many of these assessments can be expected to convert into Green Deal Plans as householders install the measures into their homes.”
Commenting on the publication of the latest Green Deal statistics, Energy and Climate Change Minister Greg Barker said: “It is clearly very early days but the latest figures on the Green Deal show that this new market is gathering real momentum. 9,268 Green Deal assessments taking place in just over two months is very encouraging and shows a genuine interest from consumers.
“The Green Deal gives people the opportunity to improve the efficiency of their homes, make them warmer and protect themselves from rising energy bills.
“The number of businesses getting on board continues to rise steadily, underlining that the Green Deal offers fantastic new commercial opportunities.
“48 firms are now authorised as providers, with a further 831 registered to carry out installations and over a thousand individuals registered to offer assessments. Overall this is a really promising start for the Green Deal.”
What is your reaction to the £244 million funding for the Green Deal initiative that will finance energy efficiency improvements to people’s homes and boost the trades? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.
Energy and Climate Change Secretary Edward Davey is to chair a summit for independent energy suppliers that could generate investment in the energy industry and create new jobs.
Mr Davey will host the meeting at the Department of Energy and Climate Change with representatives expected to attend from Co-operative Energy, Cornwall Energy Associates, Ecotricity, First Utility, Good Energy, Haven Power, Loco2 Energy, Opus Energy, Smartest Energy, Spark Energy, Utilita, and Ofgem.
Edward Davey said: “I want our energy market to be as competitive as possible. That is central to ensuring that our households and businesses can get the best deals for their gas and electricity,
“And that’s why I want to be sure that we make it as easy as possible for new players to break into the UK market, and that if there are any barriers to that, we do everything we can to remove them.
“As a long-time proponent of collective purchasing, I am delighted to see some of the smaller suppliers already winning customers through early collective switching initiatives, and that such schemes are helping them grow their customer base more rapidly.”
Areas of discussion are likely to focus on the obstacles facing independent suppliers to breaking into the UK energy market and growing their market share.
The Secretary of State also wants to take the opportunity to sound out independent suppliers on the Department’s proposals to reform the electricity market and proposals to legislate in the Energy Bill to ensure customers are on the cheapest tariffs.
On 23 November 2012 the Government announced, ahead of publication of the Energy Bill later this week, a landmark agreement on energy policy that will deliver a clear, durable signal to investors .
The Energy and Climate Change Secretary said that countries around the world had to make their contribution to reach closer to the implementation of the Kyoto Protocol, the Bali Action Plan, and the Cancun Agreements.
Last year, the UN agreed to adopt a universal legal agreement on climate change no later than 2015.
That would mean that each country has to cut its carbon emissions and focus on renewable energy resources, boosting the green economy and creating new jobs.
Energy Secretary Edward Davey said: “A global effort is needed if we are to achieve our climate goals – we need to pave the way for the new global deal while delivering more action now.
“Many developed and developing countries have already come forward with pledges under the UN framework to reduce their emissions by 2020. I want to encourage more to do so at Doha and beyond.
“The EU has led the way in calling for more ambition and in enshrining emissions reductions in law. I want to encourage it to move to a more ambitious 2020 emissions reduction target of 30%.
“Here in the UK we are driving forward our plans to move to a lower-carbon energy mix, and this week we will be publishing the Energy Bill which will enable this.
“I also want to see progress at Doha on achieving the global deal that all countries agreed to work towards in Durban last year. For the first time all countries agreed to sign up to a legally-binding deal to be adopted by 2015, and at Doha we need to agree a plan for these crucial negotiations.”
The Government has granted planning consent for the building of a 60MW power plant in Cheshire which will create 500 new jobs during its 3-year construction period.
The Secretary of State for Energy and Climate Change, Edward Davey, has given the go-ahead for E.ON Energy and Tata Chemicals Europe to build a new power plant at Northwich which will generate enough power to supply 80,000 homes and boost the local economy.
The plant will be built and operated by EEW. It will use pre-treated waste from economically recyclable materials that would otherwise be destined for landfill.
A spokesman from the Department for Energy and Climate Change said: “It is essential we have a balanced energy mix in the future to provide low cost, efficient energy to households and businesses.”
Commenting on the development, Director at E.ON, Nader Bahri said: “This decision is a milestone for EEW in the UK as it is our second UK plant to be granted planning consent.
“As a result, many tonnes of waste that would otherwise have gone to landfill could now be used to create sustainable energy.”
Tata Chemicals Europe Managing Director, Martin Ashcroft, welcomed the decision by Government to approve construction of the plant which will bring more competitiveness in the energy market.
Mr Ashcroft said: “As an energy intensive business, we are faced with ever-rising gas prices which are increasingly difficult to absorb. The new plant will give us fuel price stability which will allow us to reduce our reliance on fossil fuels and to plan our long-term future.”
“Hundreds of plumbers, electricians and gas engineers to benefit from the investment”
Millions of funding to get low carbon heating into peoples’ homes, including into hundreds of social houses across the nation, is still up for grabs according to the Department of Energy and Climate Change (DECC).
Local authorities, housing associations and registered providers of social housing are being urged to benefit from the millions of pounds available from the Renewable Heat Premium Payment (RHPP).
The scheme will replace more renewable heating systems, including biomass boilers, solar hot water panels and heat pumps, creating new employment opportunities for plumbers, electricians and gas engineers.
The RHPP has reopened thanks to the high value for money of projects already allocated funding under the scheme which will make tenants’ homes warmer, cosier and far more energy efficient.
Today, the DECC announced that up to £2.5 million of additional funding will be allocated under this element of the scheme.
Energy and Climate Change Minister Greg Barker said: “We have already awarded nearly £5 million to 72 projects under this year’s scheme, helping householders stay warm this winter and move away from expensive old heating systems to new clean renewable ones.
“But the high value for money of the bids we have received to date means that there is still money up for grabs and I would urge social landlords across the nation to apply and take advantage of all this scheme has to offer.”
The closing date for applications is 9 October 2012 and successful bidders will be announced shortly afterwards. You can find out more about the scheme and how to apply from here.
What is your reaction to the reopening the of the Renewable Heat Premium Payment scheme which will bring financial investment to the trades and create new jobs in the industry? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter page.
Changes to subsidies for renewable electricity in Britain could accelerate up to £25 billion of new investment and create thousands of new jobs according to the Secretary of State for Energy and Climate Change, Edward Davey.
Bandings for renewable technologies were set last week under the Government’s Renewables Obligation which will support and create new green jobs whilst at the same time minimise energy cost to consumers.
Edward Davey, Secretary of State for Energy and Climate Change, welcomed the decision which will ensure rapid growth in the renewable energy and unlock further green investment.
Mr Davey said: “Renewable energy will create a multi-billion pound boom for the British economy, driving growth and supporting jobs across the country.
“Because value for money is vital, we will bring forward more renewable electricity while reducing the impact on consumer bills between 2013 and 2015, saving £6 off household energy bills next year and £5 the year after.”
The Banding Review (as set out by the DECC) includes:
- Support for onshore wind from 2013-17 will be reduced by 10% to 0.9ROCs, as consulted on in autumn 2011. This level is guaranteed until at least 2014 but could change after then if there is a significant change in generation costs. A call for evidence on onshore wind industry costs will be launched this autumn and report in early 2013.
- Rates of support for offshore wind will reduce as the cost of the technology comes down during the decade;
- Support levels for certain marine energy technologies will more than double from 2ROCs to 5ROCs per MWh, subject to a 30MW limit per generating station;
- There will be a new band to support existing coal plant converting to sustainable biomass fuels. This will increase the amount of renewable energy produced at less cost to consumers; and
- There will be no immediate reduction in support for large-scale solar, but there will be a further consultation this year on reduced support levels given recent dramatic falls in costs.
The Department of Energy and Climate Change (DECC) has committed an investment of £3.5 million to help more tradespeople become qualified as part of the governments’ energy efficiency scheme, the Green Deal.
Trained and skilful professionals are crucial for getting the Green Deal right. The new investment will contribute towards the training of hundreds of assessors, installers and existing trade professionals who will make energy efficient improvements to thousands of homes in the UK.
Energy and Climate Change Secretary, Edward Davey, said the £3.5 million will help hundreds of people to prepare for accurate implementation of the Green Deal and deliver a real success on the ground. The energy efficiency scheme will renovate millions of homes and office buildings across the UK which are currently inefficient, and will create up to 65,000 jobs by 2015.
Mr Davey said: “We have worked hand in hand with industry to get this right and are targeting funding at the areas where there is an urgent need as well as a clear demand. We hope this will encourage businesses across the country to fully prepare their staff for the launch of the Green Deal later this year.”
The announcement comes as Scotland’s first minister, Alex Salmon, approved a £1 billion investment for the wind energy industry. This will create 600 additional jobs in the renewable industry and power nearly half-a million homes across Scotland.
What is your reaction to the new investment by the DECC to meet the demand for energy efficient schemes across the UK? Share your thoughts by leaving a comment on Train4TradeSkills’ Facebook and Twitter pages: