Ed Davey: Energy Bill Will ‘Renew and Expand’ Industry
From The Telegraph
By Amy Wilson
The Energy Bill was finally published on Thursday, and offered good news to energy-intensive industries such as chemical and steel production, while setting out increased subsidies for renewables which will be paid for from household bills.
Ed Davey, the energy and climate change minister, said the bill would see Britain’s energy industry “embarking on a period of exceptional renewal and expansion.”
With the aim of fulfilling future demand for energy and reducing carbon emissions, the “transformation” of the energy market will cost £110bn over the next ten years, Mr Davey said.
Energy companies will be able to increase the amount they charge households and businesses to pay for green investment to £7.6bn a year by 2020, up from £3bn now. Some estimates show that will push up bills by about £100 a year.
However industries which use a lot of power may be exempt from these extra costs, in order to stop companies moving production and jobs out of the UK.
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