Renewable investments in UK to marginally drive up energy costs
UK’s committee on climate change (CCC) has indicated to an increase in household energy bills as the government continues its support towards low-carbon technologies.
The increase, by £100 is however, likely to be much lower than the £600 increase that is expected if gas-fired power generation is preferred to renewable power.
According to the report titled by 'Energy prices and bills - Impacts of meeting carbon budgets' UK stands to benefit from the increased investments into low-carbon technologies.
CCC chairman Lord Deben remarked that the numbers point overwhelmingly in favor of renewable investments.
"This provides a portfolio of energy sources as insurance against the risk of high gas prices.
"It lessens the impact on household bills in the long term and enhances the competitiveness of UK industry," said Lord Deben.
The renewable industry in the country has welcomed the report with Renewable UK CEO Maria McCaffery saying the report elucidates the warning signs against fossil fuels.
"This report proves that the pound in your pocket is safer with renewables, rather than with gas.
"We know how much renewables cost, but gas has proved to be an extraordinarily volatile commodity.
"We must loosen its grip, for the sake of all of us hard-pressed bill payers, by switching to a more affordable mix of renewable sources," added McCaffery.