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UK warned of big energy spend

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UK warned of big energy spend

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Britain’s energy regulator is warning as much as 217 billion euros will need to be spent there on replacing elderly power stations and other energy infrastructure.

The regulator, Ofgem, said the massive sums will be needed to secure energy supplies and to hit the UK’s targets for reducing climate change emissions. The time scale is 10 to 15 years. To pay for that, consumers in Britain could see the amount their gas and electricity bills rise by up to a quarter over the next 10 years. And it is possible there will be temporary hikes in their bills of as much as 60 percent in the short term. Ofgem said energy costs will also go up in the UK because of the need to significantly increase the amount of gas being imported. Britain is replacing nuclear and coal-fired power stations with gas powered ones at the same time that gas from the North Sea fields is running out.