THE UK's planning restrictions and levies on renewable energy producers undermine what should be an attractive market for renewable generation and green technology, a senior member of technology specialist Siemens Energy has warned.

Steve Scrimshaw, vice president of Siemens Energy UK & Ireland, told City A.M. that the government should not "scare the horses" by making future projects less financially appealing to investors than they should be.

The energy boss recognised the costof-living crisis, reflected in record household energy bills, meant developers and producers expected a "certain degree" of intervention in the market.

However, Scrimshaw believed the government needed to ensure raising revenues from domestic energy generation for necessary support packages did not hamper spending commitments for a greener future.

Scrimshaw said: "You have circumstances with the current energy crisis which have required intervention. I think people will accept a certain degree of that type of thing to help with the current crisis, but we have got to be careful and cautious so that we don't scare the horses."

Scrimshaw also described current planning rules for projects as "hurdles" for investment.

He said: "I understand they need to look after consumers and that's important, but I think they also need to take the brakes off to allow developments to happen quickly."

The government is targeting a vast ramp up of offshore wind, hydrogen and solar to boost the country's supply security following Russia's invasion of Ukraine in February earlier this year.

The UK is also a signatory of the Paris Agreement and is aiming to reach net zero carbon emissions over the next three decades.

(c) 2022 City A.M., source Newspaper