2012-11-23 16:17:27 - UK energy market publishes details on cost-cutting energy bill
The government has published details of its long-awaited Energy Bill, designed to keep lights on and emissions down.It will allow energy companies to charge households an extra Â£7.6 billion until 2020, to go towards low-carbon electricity infrastructure. A decision about setting carbon emission targets for 2030 has been delayed until 2016, after the election.Energy Secretary Ed Davey has promised the cost of Government support for low-carbon electricity under the new legislation will add less than Â£100 to the average household´s bills annually. The Department for Energy and Climate Change (DECC) has a lower estimate of Â£95 - or a rise of 7% - although some analysts think it would be more.Based on government estimates that green measures make up Â£20
of the average domestic gas and electricity bill of Â£1,249 a year, the cost of increasing the cash set aside to pay for renewable investment would rise to about Â£80, or Â£60 adjusted for inflation.However, officials argue that by the end of the decade the benefits of energy-saving measures and less reliance on expensive fossil fuel power will mean bills are actually lower than they would be without the green policies.Details of the bill were announced late on Thursday although the bill itself will not be published until next week.They include:- Bills to rise by up to Â£95 a year by 2020, 7% higher
- Energy companies to get Â£7.6 billion from this to invest in low-carbon power
- But no target for carbon emission levels by 2030
- Longer-term emission levels to be discussed - but not necessarily set - in 2016The green economy - including renewable energy, and other environmental goods and services such as recycling and water - has been one of the few bright spots of the economy, generating a third of recent growth and accounting for 8% of GDP, according to government figures.For more information on the UK energy market, see the latest research: UK Energy MarketFollow us on Twitter @CandMResearch
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