Energy Bill set to ‘renew and expand’ industry 5th December, 2012 Nick Boyle
Thursday saw the publication of the Energy Bill; which revealed good news to energy-intensive industries such as chemical and steel production. It also set out ‘increased subsidies’ for renewable sources, which will be paid for from household bills, the Telegraph has reported.
The energy and climate change minister, Ed Davey, said that the Energy Bill would see the country’s energy industry enter an era of “exceptional renewal and expansion”.
The transformation of the energy market will take place over the next decade and will cost around £110bn. Its aim is to fulfill future demand for energy and reduce carbon emissions.
Under the Bill, energy companies will be permitted to charge both households and businesses more for green investment – rising to £7.6bn a year by 2020, from £3bn now. Some estimates have suggested that this could add £100 per year to bills.
John Cridland, director-general of the CBI, commented: “This is vital for such companies to play a key part in our low-carbon economy and it is good news that the Government has listened to our calls to build in support at this early stage, which will ensure we reap the full economic benefits at the earliest opportunity.”