More positive news for the UK energy industry with latest REMA announcement

TToday the Government continues its global leadership on clean energy with the conclusion of the Review of Electricity Market Arrangements (REMA). We hugely welcome the decision to retain a national price for electricity, rather than move to zonal pricing.  

The decision will create more confidence and provide investors with the stability needed at a time the grid and energy system need record levels of investment. The grid alone needs £112bn of investment by 2035 and this decision will rightly make the UK more attractive for investment. 

Alongside much needed grid build-out and modernization, rapid growth of renewables is needed to wean the UK off its reliance on international gas markets. This would bring down bills by strengthening the UK’s energy security and providing a stable and flexible electricity supply. The Government must now rapidly grow the grid in lock-step with new renewable energy.   

Across the UK we have seen excellent collaborative results and the delivery of world-leading critical infrastructure projects. We welcome this latest decision and believe it will further encourage and strengthen these partnerships.   

We need everyone to work together to innovate, bring new skills and diversity of thought to create a digital, efficient energy system fit for our future, and robust enough to withstand rapid changes to our climate.  

As the world’s leading electrification company and the world’s largest manufacturer of critical technology like transformers and HVDC we stand ready to work with government, our customers, and industry to enable a grid fit-for-the-future and one that enables Clean Power by 2030.   

https://www.gov.uk/government/news/government-sets-out-reforms-to-create-a-fair-secure-affordable-and-efficient-electricity-system