UK consumers are likely to experience higher utility bills from energy suppliers no matter who wins the general election on Thursday, an expert has said.
Ben Caldecott, head of policy at Climate Change Capital, explained that the low-carbon infrastructure investment promised by all the parties will be partly financed by subsidies paid for through consumer energy bills.
Speaking to Business Week, he said that these will in turn result in a rise in the average price of consumer and business energy.
In order to meet targets for cutting carbon emissions, the government may need around £200 billion and some of this money may be obtained by the UK's leading energy suppliers including E.ON, EDF, and Centrica, as well as energy regulator Ofgem.
In order to meet this need, energy suppliers may need to raise gas and electricity prices, which will affect consumers.
The Conservative Party has announced that if the Tories form the next government, they will make it easier for consumers to switch energy providers by making energy suppliers clarify the process.
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