We’re lucky that this summer is shaping up nicely as we are facing bleak news that energy prices will be expected to soar to nearly £5,000 by 2020, Times Online reports.
The cause? A billion-pound investment programme.
Results from price comparison site Uswitch predict prices to go up nearly fourfold in comparison to what we are paying today. Uswitch has shown this by extrapolating trends in energy prices, as well as adding Britain’s investment in energy supplies over the next 15 years which will add another £548 a year to household bills.
Consumers will be further angered by the fact that energy companies have prevented falls in the price of gas reaching consumers. Theenergyshop.com has even shown this fall to be as great as 50% since August last year, yet we have only seen a fall of 5% in domestic bills. Only a further 10-15% could be justified.
The investment programme put forward will promise £234 billion in energy, £112.5 billion in renewable energy generation, £13bn on roll-out smart meters and £16bn on reducing carbon emissions. Now is the time really see Britain’s opinions about global warming - the talk the world has done on the importance of climate change and the various agreements at Kyoto etc. will pale in comparison to the importance of whether Britons will accept shouldering the burden of sustainable development. Everyone seems to be very positive about dealing with global warming but will people put their money where their mouth is?
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Tags: Bills, Energy, Inflation, Recession
