You are here: Home - Household Bills - News -

Tories promise gas and electricity supply guarantees

0
Written by:
31/03/2010
The Conservatives have said they would insist that energy companies supply sufficient gas and electricity as part of a plan to guarantee energy security.

The Conservatives’ scheme is aimed at  incentivizing power firms to build added capacity and intervene over supply contracts and storage facilities to protect gas supplies in the winter.

Tory leader David Cameron said energy policy was “out of date” and Labour had failed to modernise key infrastructure.

Labour said the policy approach was “simplistic and ill-thought through”.

Publishing a consultation paper on energy security, the Tories said they supported government plans to build a new generation of nuclear power stations to replace the majority of existing plants which are due to cease operating by the middle of the next decade.
However, the Tories said Labour had “consistently ducked” the challenge of reforming power infrastructure and diversifying energy sources to offset the fall in North Sea oil and gas production.
The party has warned that the “lights could go off” at some point over the next 15 years if existing capacity is not replaced and says its priority is to deliver secure, sustainable and affordable supplies of energy.
Under a new electricity capacity guarantee, regulators would be able to issue long-term supply contracts to generators to stimulate investment while gas suppliers could be required to build extra storage facilities to prevent strains on the network at times of peak consumption.

The Tories are also recommending a overhaul of the climate change levy, to charge firms on the basis of their emissions and to provide a “floor” price for carbon to encourage emissions trading.
Ministers will be required to deliver an annual energy policy statement to Parliament while energy regulator Ofgem will lose its competition and consumer protection powers – to be handed to the Office of Fair Trading – and focus solely on executing policy.
“British energy policy is out of date,” Cameron said.

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week