London 10 May: The Global Warming Policy Foundation warns that the government’s overarching aim to reduce the economic burden on British families and UK businesses is threatened by the significant costs of its planned electricity market proposals.
At the heart of the Queen’s Speech was a government promise to introduce policies that aim to help families and businesses. But this is seriously undermined by its commitment to introduce an Energy Bill that will significantly increase the cost of electricity.
Most energy analysts agree that these proposals will hike up energy costs for both households and businesses, while injecting more than £100 billions into areas of green energy generation, such as wind power, that are inherently unreliable.
The latest forecast by Credit Suisse estimates that power prices in the UK will increase by more than 60% by 2020 if these measures are introduced.
At a time where many people are already facing economic hardship, the government’s energy bill will have a significant and growing adverse impact on both business costs and living standards.
“These green energy measures will be both economically damaging and very unpopular when their cost becomes apparent in rising energy bills,” said Dr Benny Peiser, the director of the Global Warming Policy Foundation.