The deputy leader of UK political party Reform has told renewable energy industry leaders, including the founder of Octopus Energy Greg Jackson, that the party would “strike down” subsidies should it win the next election in 2029.
Richard Tice said his party would “reassess all net zero-related commitments” as a result of their “intolerable costs” to the economy. “There is no public mandate for the real-world consequences" of clean power, the letter said.
Other developers to receive the letter include SSE, Scottish Power and Ørsted.
Tice warned that companies bidding in the UK government’s upcoming auction round for wind and solar subsidy contracts risked financial losses because the net zero agenda “no longer enjoys cross-party support”.
Partaking in the auction meant companies were putting their shareholders at risk of “political, financial and regulatory risk.”
The subsidies are currently used to guarantee renewable energy developers a fixed rate for the energy they produce, helping them to withstand market volatility.
The rightwing political party, led by Brexit campaigner Nigel Farage, has seen a surge in support since the country’s general election a year ago, when it secured five seats. A June 26 poll found that if a general election were to be held the following day, Reform would win the most seats.
