Energy costs to rise by one percent a year for the next ten years

Energy bills both for consumers as well as in the business sector are set to rise steadily and dramatically over the next decade The increases will be driven by increased costs of creating energy at source as a result of the government’s plans to cut carbon dioxide emissions.

This much needed change in direction is estimated to increase the costs of energy in the industrial sector by as much as 17 per cent over the next decade, while the domestic sectors energy costs will rise by no less than eight percent over the same period. Government ministers involved in the environment sector announced their findings as part of a concerted strategy for tackling the threat of climate change and boosting renewable energy.

As in similar situations, there are pluses as well as minuses to contend with. Already some of the UK’s large industrial concerns are threatening that the increased energy costs are liable to cause British manufacturers to be uncompetitive on the global stage. There were also concerns voiced that the government was pinning too much of their hopes on wind power, and not investing enough on creating nuclear power.

A spokesman for the UK government in anticipation of industry’s reactions insisted that they intend to encourage all forms of low-carbon energy production, including nuclear and “clean coal” power stations that capture and store their emissions. Over the next decade, however, the biggest change in energy supply sources the establishment of a renewable energy industry, which is expected to power almost one third of the UK’s electricity, allowing . The government to meet their commitment to the European Union to derive 15 per cent of all Britain’s energy from renewable sources by the year 2020.

The cost of those measures, which will require at least £100 billion of investment over the coming years.

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Tags: carbon dioxide emissions, Energy Prices, Goverment, UK energy suppliers