Britain will not receive the investment it needs to maintain energy security if power companies are not allowed to make more profit, the head of one of Europe’s biggest utilities has warned. Peter Terium, chief executive of Innogy, said developments on the UK energy market were “raising concerns” after the entry of dozens of small gas and electricity suppliers that have driven down margins for larger groups.
FT 19th Dec 2016 read more »
British households face an extra £30 per year on their energy bills by 2020 to pay for emergency power to keep the lights on, according to a new report. The UK’s electricity generating output has been reduced to such an extent that Britain could face intermittent blackouts by next winter, the British Infrastructure Group, a cross-party group of MPs chaired by Grant Shapps, has claimed. In a report published today, the group warns that National Grid’s safety buffer this winter has shrunk to 0.1 per cent, which leaves the UK at risk of power shortages in the event of freak weather, unless the Grid resorts to emergency measures. This winter National Grid will pay about £122 million for emergency power, which is 800 times the average wholesale price for 2015 and four times the cost of last year’s emergency reserve s, the group said. As part of the solution the British Infrastructure Group is urging householders to be more energy efficient through installing LED lights and insulation, which will also bring down the cost of household bills.The group is also calling upon the government to review renewable energy policies and targets. Gas power stations, which are quick to build, and nuclear power stations, which “deliver huge amounts of output for their fuel intake and are relatively low-carbon”, should be the focus of the state in the medium term until technical problems relating to renewable electricity generation are overcome, the group adds.
Times 19th Dec 2016 read more »
Guardian 19th Dec 2016 read more »