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16.07.2012 15:59U.K. Seen Doubling Power Price To Guarantee New Reactor
What is more, household energy bills will rise by 11 pounds a year by the start of the next decade, an increase of more than 8% on current costs, under plans unveiled by the industry regulator for upgrading of gas and electricity networks
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The future of the U.K.’s nuclear industry will be decided on one number: the price the government’s willing to guarantee Electricite de France SA will get for generating atomic power.
EDF and government officials will negotiate the so-called strike price for new nuclear power plants by the end of the year. To ensure the Paris-based utility makes a final decision on a new reactor in southwest England, the U.K. must set a price between 95 pounds (USD 148) and 105 pounds a megawatt-hour in 2020, double the level power trades at today, according to Bloomberg New Energy Finance.
What is more, household energy bills will rise by 11 pounds a year by the start of the next decade, an increase of more than 8% on current costs, under plans unveiled by the industry regulator for upgrading of gas and electricity networks.
Ofgem said the 22 bn pounds programme will see household bills rise by 7 pounds next year, rising to 15 by 2021 - an average rise of 11 pounds over the eight year period. Distribution costs account for around 20% of a household gas bill, with any large-scale investment programme therefore having a material impact on household bills.
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