UK Pledge to Cut Bills is Challenged by Green Power Push
- Analysts say the government’s rush risks locking in high costs
- Starmer, Miliband vowed to slash annual consumer bills by £300
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The UK government risks baking in higher energy costs for consumers as it pushes to meet a challenging — and upgraded — target to decarbonize the country’s power supply by 2030.
After bringing forward a deadline to deliver a clean power system — defined as one that relies on gas for less than 5% of supply — to 2030 from 2035, ministers may lock consumers into higher prices, according to energy analysts at Cornwall Insight, Carbon Tracker and Aurora Energy Research Ltd. That’s because the cost of raw materials and borrowing have increased, making it expensive to build new wind farms. Approving a wave of projects in a rush to meet the target could also kill off competition that drives down costs.