It is estimated that £110billion of investment in the next 10 years is needed if the UK is to meet the future demand for energy
Recent announcements that the UK is facing a possible 10% drop in domestic energy output has compounded earlier reports that the government policy on supporting the UK’s energy infrastructure is falling short of expectations. The result, according to industry experts EDW, is a potential crisis not just in energy supply, but in consumer confidence as well.
“The last thing that anyone wanted to hear was that their already-record high energy bills are going to keep on going up while supplies could potentially become unreliable at best,” comments Graham Paul, Service Delivery Director of EDW Technology Limited. “The fact that the government’s lack of delivering investment in what is an essential utility for every single person in the country could mean that we face an uncertain future peppered with power outages merely compounds the problem,” he adds.
It is estimated that £110billion of investment in the next 10 years is needed if the UK is to meet the future demand for energy. The fact that four coal-powered stations have gone off line early hasn’t helped matters, and has in fact made the need for investment all the more urgent.
Please sir, can I have some more?
It’s not just the industry watchers who realise that things are reaching a critical point – the suppliers are well aware of the fact that we’re facing a tipping point as far as energy infrastructure versus supply is concerned. They’re not afraid to go straight to the government in a modern version of Oliver Twist and ask, bowl in hand, for ‘some more investment’ either.
EDF, one of the biggest energy suppliers in the UK, has recently asked the Treasury to provide a UK Guarantee to ensure that the costs of the proposed redevelopment of the Hinkley Point C nuclear power project. The FT reported that talks were at an early stage and that the outcome would depend on a strike price being agreed from the outset.
Foreign investment scaled back
Meanwhile, Centrica have already said that they are to withdraw from any new UK nuclear projects. The announcement by German energy giant RWE that it would ‘significantly scale back’ investment in the UK unless the government displayed a marked improvement in the clarity of its energy policy makes industry watchers wonder whether this could be one of the biggest political crises the coalition government could face. “Energy costs are really becoming a major concern for consumers, with around 10% of UK households now classified as living in ‘fuel poverty’, comments Graham Paul of EDW. “The lack of a clear energy policy and the utter confusion surrounding the future of the UK’s energy supply could potentially be a fatal blow to this government’s stability. Without a sound energy policy we risk isolation from our energy partners in Europe, as has already been demonstrated by the withdrawal of Centrica and the announcement from RWE. But if the lights start going out on a regular basis then the government could be faced with a real political crisis, as they suddenly realise that energy consumers are also voters,” he adds.
“The bottom line is that we’re at a crossroads when it comes to the UK’s energy policies and if we want to develop a sustainable and cost-efficient energy supply for the future then we have to act now,” he concludes.
Notes for Editors:
EDW have a long history in developing, implementing and supporting best-of-breed software solutions for retail electricity quoting and customer management including their bespoke electricity pricing system – (Quote Lab) for the industrial and commercial market sector.
For PR enquiries please contact:
Services Delivery Director
EDW Technology Limited
Phone: 08448 802 489
Direct Line: 01908 359745
This press release was distributed by ResponseSource Press Release Wire on behalf of EDW Technology in the following categories: Environment & Nature, Business & Finance, Manufacturing, Engineering & Energy, for more information visit https://pressreleasewire.responsesource.com/about.