Tag Archives: Consumers

Invest in Green Energy or Suffer, U.K. Regulator Says

The U.K. needs to promote investment in green energy or potentially face a catastrophic rise in domestic energy prices, according to the country’s energy regulator.

The report from Ofgem, released this morning, predicts that the country will need to plow 200 billion into the energy sector over the next 15 years to secure energy supplies and meet climate change targets.

The regulator has drawn up four energy scenarios for the next 10-15 years: in two of them, an investment in green energy limits hikes in consumer energy bills by 2020 to 23 percent over 2009 levels if the economy rebounds and 14 percent if growth is slow.

Without an investment in green energy, bills will skyrocket to 60 percent by 2016, but fall back by 2020 again, if the economy rebounds and 22 percent if growth is slow.

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