The UK has launched an independent review into the cost of energy with the ambition of having the lowest prices in Europe for households and businesses.
The review will be led by energy expert Dieter Helm, a professor of economic policy at the University of Oxford, who will recommend ways to keep energy prices as low as possible as part of the country’s industrial strategy, Business and Energy Secretary Greg Clark said.
The aim will be to look at how the energy industry, government and regulators can keep the cost of electricity low, while ensuring the UK meets its domestic and international climate targets.
The review will consider the whole electricity supply chain – generation, transmission, distribution and supply – looking for opportunities to reduce costs in each element.
It will also consider the implications of the changing demand for electricity, including the role of innovative technologies, such as electric vehicles, storage, robotics and artificial intelligence.
Clark (pictured) said: “The review will consider how we can take advantage of changes to our power system and new technologies to ensure clean, secure and affordable supplies over the coming decades.”
Helm said: “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.”
CBI managing director for people and infrastructure Neil Carberry said: “The CBI looks forward to working with the review to ensure any recommendations support continued business investment and innovation in a secure, flexible and low-carbon energy supply, together with efforts to improve energy efficiency.”
Image: BEIS
