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UK to have higher energy prices than competitors

16th July 2012

A survey of energy experts from the UK’s largest businesses finds that only 5% of respondents expect the UK’s energy prices to be less than its competitor economies in 2015, with 62% expecting them to be higher. This is due to a lack of investment in new generating capacity to replace decommissioned coal-fired power stations. The survey was undertaken by Green Monday in partnership with the Aldersgate Group. 

Andrew Raingold, Executive Director of the Aldersgate Group, said: “The rising costs of energy in the UK are a major concern for businesses and households. The corporate survey demonstrates that it is the price of fossil fuels, not green policies, that will have the biggest impact on rising bills. These findings are consistent with Government analysis which finds that recent energy bill increases are primarily due to increased wholesale gas costs.”

“The cheapest way to address this challenge is to reduce demand. There must be much more focus on incentivising consumers and businesses to use less energy rather than investing in expensive new supply.”

For coverage in the Telegraph, click here.