This afternoon the Chancellor presented the Government’s Autumn Statement to Parliament. The Autumn Statement is an update on the Government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility and sets out the Government taxation and spending plans.
The Statement was relatively light on energy market related announcements, however key points to note are:
The Chancellor confirmed that Government “will look carefully over the coming months at the functioning of key markets, including the retail energy market, to make sure they are functioning fairly for all consumers.” Although it is not yet clear whether the Green Paper will extend to energy retail markets.
In response to the Government carbon pricing commitment Martin Pibworth, SSE Managing Director, Wholesale, said: “SSE has consistently advocated for carbon pricing as a cost effective way to meet the UK’s energy objectives. It therefore welcomes the Government’s reaffirmed commitment to carbon pricing by maintaining the Carbon Price Floor to April 2021. SSE will work with Government and partners to make the case for carbon pricing into the 2020s.”
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