Cicero Group was delighted to welcome Rt Hon Ed Davey MP to a keynote reception in partnership with City Network and the City of London Corporation.
Hosted at Ironmongers Hall on the evening of 3 March in front of an audience of senior industry representatives, the Energy Secretary strongly defended the Coalition Government’s energy record. Much remains to be done on the path to a decarbonised economy, but that last five years have seen the establishment of an effective new framework to promote low carbon investment, Davey said.
What’s more, in some areas progress has been faster than anticipated. The price of renewables is falling rapidly as technologies mature, with different technologies bidding for subsidies in a competitive market.
The Secretary of State will likely have endeared himself to his Conservative colleagues with the core message of his speech: that the design of our future energy mix should be determined by the market. It isn’t the role of politicians to decide, Davey argued – fledgling technologies should be supported, but they need to prove commercial viability and competitiveness if they are to play a role in future generation.
But with an election approaching, the Secretary of State was naturally keen to distance himself from his Coalition partners. The significant rollout of renewables has occurred ‘despite’ some Conservative opposition: it is the Lib Dems that can take credit. And criticism wasn’t reserved exclusively for the Conservatives – Labour’s proposals to regulate energy prices was short-sighted, Davey argued in a well received speech.
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