Britain's energy system faces significant challenges over the coming years, including the closure of around a fifth of our ageing power stations. The previous Labour Government failed for a whole decade to drive the necessary investment in our energy future, leaving consumers vulnerable to sharply rising prices and business in a state of uncertainty. We cannot afford to be complacent, so current reforms to the electricity market are aimed at plugging any gap in order to keep the lights on.
The action being taking under the Energy Act will provide the certainty investors need to stimulate decades of economic investment in renewing the UK's energy infrastructure. It is opening up the electricity market to incentivise a record £110 billion of private sector investment in new clean power generation.
The Government has given National Grid the new tools it needs to meet immediate energy demand, and Ministers are working through a long term plan to turn around a legacy of underinvestment the sector. They have made sure that homes and businesses across the country will enjoy energy security.
I am committed to green investment in energy production. This work continues as part of the broader strategy to support home-grown sources of energy such as renewables, shale gas and nuclear, to secure supplies and ensure bills are as kept as low as possible for hardworking taxpayers.