Energy bills 'could rise by 70 per cent by 2020' - 27/03/2012
Many more people may look to perform an energy comparison in the coming years, as the cost of gas and electricity could be set to soar.
This is according to research by investment bank Liberum Capital, which predicted increases of up to 70 per cent will be seen by the end of the decade, taking the average domestic energy bill to £2,200 a year, This is Money reports.
The firm's Dominic Nash explained prices will have to go up in order to encourage old gas-fired power plants to remain open or pay for replacements.
Around 40 per cent of the UK's energy currently comes from such facilities, but around half are scheduled to be shut down by 2015, with the remainder cutting their hours of operations.
Last week, Friends of the Earth warned replacing these power stations with new gas-fired plants will lead to price rises, as it will leave the UK exposed to volatile wholesale markets for the fossil fuel.
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