The Brit-govt is to carry out an independent review of energy prices to ensure they are affordable for households and businesses.
The review into the cost of energy led by Professor Dieter Helm, CBE, will recommend ways to keep energy prices as low as possible.
Professor Helm, one of Britain’s leading energy experts, will look specifically at how the energy industry, government and regulators can keep the cost of electricity as low as possible, while ensuring the UK meets its domestic and international climate targets.
This ambitious review builds on the commitment made in the Industrial Strategy green paper and will consider the whole electricity supply chain – generation, transmission, distribution and supply.
Professor Helm is one of Britain’s leading energy experts, a Professor of Economic Policy at the University of Oxford and a Fellow in Economics at New College Oxford, and a former member of the Council of Science and Technology, advising the UK Prime Minister from 2004 to 2007.
Business and Energy Secretary Minister Greg Clark said the aim is for the UK to have the lowest energy costs in Europe for both households and businesses.
Professor Helm commented: “The cost of energy always matters to households and companies, and especially now in these exceptional times, with huge investment requirements to meet the decarbonisation and security challenges ahead over the next decade and beyond.
“Digitalisation, electric transport and smart and decentralised systems offer great opportunities. It is imperative to do all this efficiently, to minimise the burdens.
“Making people and companies pay excessively for policy and market inefficiencies risks undermining the objectives themselves.
“My review will be independent and sort out the facts from the myths about the cost of energy, and make recommendations about how to more effectively achieve the overall objectives.”
Lawrence Slade, Chief Executive of Energy UK, said: “We welcome greater transparency over the cost of energy as we transition to a smarter, more flexible, digital and decarbonised energy system which puts consumers and industry in greater control of their energy.
“We must ensure we deliver an Industrial Strategy based on a low carbon economy and where the billions of investment needed can be delivered competitively via a range of technologies at the lowest cost to consumers. Using our energy as smartly as possible is critical so energy efficiency must be a national infrastructure priority.”