Utilyx helps bring new renewable capacity into the market by increasing new small scale generation projects
London, 8th July 2008 – A scheme that will significantly increase the volume of renewable energy available to major energy consuming businesses has been welcomed by energy minister Malcolm Wicks. The Local Community Renewable Generation Initiative (LCRGI), launched at the Houses of Parliament last night by energy and climate risk advisory firm, Utilyx, will help increase the number of small scale generation projects in the UK by providing a framework for would-be generators, developers, investors and customers to work together.
Chris Bowden, Utilyx CEO explains, “UK businesses face a significant challenge in obtaining renewable energy – there is simply not enough to go round. This has forced the price up so that ‘green’ energy now has a significant premium compared with ‘brown’ energy, and if not addressed this shortage will mean the UK fails to meet Government targets.
“The LCRGI will be a critical piece of the solution, providing a framework called a Power Purchase Agreement (PPA), that enables smaller scale generators to get projects - whether wind turbines, biomass or waste-to-energy - off the ground. The framework will bring generators, developers and investors together with customers anxious to buy more renewable energy.
“The result is a guaranteed revenue stream for new generators, and an additional supply of renewable energy for businesses that comes without the current premiums. These small scale schemes will also make a sizeable contribution to attaining our 2020 targets.”
Utilyx will run the LCRGI in conjunction with its partners the Renewable Energy Association (REA) and law firm Wragge.
Energy Minister, Malcolm Wicks said, “Local energy presents an enormous opportunity and challenge for local Government. Schemes like the Local Community Generation Initiative will become more common in our communities in the future. Generating electricity and heat much closer to homes and businesses means energy can be used more efficiently and ultimately helps in the fight against climate change.
"Government is working closely with Ofgem to make it easier for local energy projects to connect to the grid and realise the full value of the electricity generated.
"This type of scheme will also help towards our proposed renewable energy targets, on which we are currently consulting. We plan to publish our Renewable Energy Strategy in spring next year.
Notes to editor:
Utilyx is the one of Europe's leading providers of energy and carbon risk advisory and transaction management services and is one of the few energy consultancies to be authorised by the UK's Financial Services Authority. We provide advisory, energy procurement and climate change services to some of the world's largest companies, including Tesco, Cemex, Royal Mail, AllianceBoots, Diageo, O2, Yorkshire Water and AstraZeneca.
Founded in 2000, Utilyx helps customers manage their exposure to energy and climate change risk through a range of services that include contract advice and procurement, the development of risk management policies and procedures, and the structuring of innovative contracts. The company also has a specialist energy services team that provides advice and portfolio and data management and reporting services. Our support services are delivered using advanced technology, the latest market intelligence and industry experts.
Utilyx' comprehensive suite of services are specifically designed to help organisations manage energy and climate change risks and take advantage of the opportunities presented by the changing dynamics of today's energy and carbon markets.
The company is headquartered in London and has offices in Northampton and Leeds.
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