Energy Act 2013 definition

Put in place Electricity Market Reform measures to attract the investment necessary to replace current generating capacity. Includes provisions for: (a) contracts for difference: Long term contracts to provide stable and predictable incentives for companies to invest in low-carbon generation; (b) capacity market: To ensure the security of electricity supply including provisions to allow Electricity Demand Reduction to be delivered. (c) Emissions Performance Standard: To limit carbon dioxide emissions from new fossil fuel power stations. The Act also includes provisions on de-carbonisation which enable the Secretary of State to set a 2030 de-carbonisation target range for the electricity sector in secondary legislation. Following the recent adoption of the fifth carbon budget the UK is committed to securing a reduction in CO2 emissions by 57% by 2030 on 1990 levels. The Act also placed the Office for Nuclear Regulation on a statutory footing as the body to regulate the safety and security of nuclear stations and set out its purposes and functions.