Consumers and businesses ‘paying too much for energy’
An independent report has concluded that as businesses and consumers, we are paying too much for our energy.
Prof Dieter Helm, from Oxford University, was asked by the government to examine how to reduce energy costs while achieving climate change targets.
Helm concluded that consumers should have benefited more from falling costs and technical advancements. He further recommended a new tariff that would cap the profits made by energy companies, although prices themselves would not be controlled.
He adds, since 2014 the price of oil, gas and coal has fallen significantly, contrary to government forecasting.
“New technologies should mean lower, not higher, costs and much greater scope for energy efficiency,” he said in the report.
“Not to implement these recommendations is likely to perpetuate the crisis mentality of the industry, ” the professor warns.
Certainly, with interest rates predicted to rise, and our economy getting stronger, a higher public morale should allow us to look more to our environment.
Helm concludes: “We can, and should, do much better”
The government responded to the report by saying it was already planning to reduce energy costs, including an end to “rip-off” tariffs.
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