Fears over business energy prices to prompt renewables push - 14/07/2009
Concerns about business gas and electricity prices, as well as domestic bills, are prompting the government to encourage greater investment in renewable energy, according to a new report.
With gas supplies falling in the North Sea, Britain is growing steadily more dependent on imported gas, but this in turn leaves the UK more exposed to fluctuations in wholesale prices on the continent, while also posing questions about energy security, reports Bloomberg.
In response, the government is to promote the development of more wind farms, as well as clean coal power stations, which involve using carbon capture and storage technology to prevent greenhouse gases from leaking into the atmosphere.
Aily Armour-Biggs, executive officer of Global Energy Advisory, told the website: "The UK's special dependence on gas markets for imports makes us extremely vulnerable. You're looking at energy prices that are going to be very high, demand destruction and possible supplier failure."
Gas supply concerns on the continent were highlighted in January when Russia cut off Ukraine over a long-running billing dispute.
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