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Gas & Electricity Latest News Energy regulator warns of significant hike in energy bills

Energy regulator warns of significant hike in energy bills

Energy regulator warns of significant hike in energy bills

The energy regulator has warned that energy bills in the UK could rise by as much as 60% by 2016-17.

However, the Ofgem report pointed out that this would be the spike in prices, with an estimated rise in energy bills of between 14% and 25% above inflation by 2020.

The report also highlighted that up to £200billion in investments was required to ensure there are sufficient supplies and to meet carbon targets.

The regulator said that power stations nearing retirement and volatile gas markets were the major concerns.

The report came from a scheme started by Ofgem earlier this year called Project Discovery, which outlined four possible scenarios for energy use and security for the next 10 to 15 years.

The need for investment came at a time of volatile global energy prices and Britain's increasing dependence on gas imports.

This exposure meant that supply disruptions across the globe could affect prices. The scenario that could see energy prices rising by 60% was that of a strong resurgence in global economies, as well as missed renewable and carbon targets, with no nuclear facility built by 2020.

One of the other scenarios outlined in the report found that bills could increase 14% by 2020 – while taking a slow recovery from the recession and global green stimulus packages into consideration. In this scenario, high carbon prices and government policies would support investment in renewables, nuclear and carbon capture and storage.

But the report added that significant changes are required to the way that energy is currently being generated and consumed.

Ofgem chief executive Alistair Buchanan commented on this: "These are big challenges. Consumers are already enduring high energy prices. This is why we are consulting with consumer and environmental groups, the academic community and industry to ensure any policy proposals we make are grounded on the best evidence available. Early action can avoid hasty and expensive measures later."

The report said that recent events in Russia-Ukraine had heightened concerns over the security and price of gas supplies as a number of European countries were becoming more dependent on imports.

It said that by closing down old nuclear plants and coal and oil plants in the UK by the end of 2015  could "pose a threat to security of supply".

Written by Sam Gooch
Friday, 09 October 2009 09:04
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