UK Announces Independent Energy Cost Review
The Department for Business, Energy, and Industrial Strategy (BEIS) have announced that Professor Dieter Helm, an Oxford professor, and energy expert and commentator, will be conducting an independent energy cost review to look into ways to reduce energy costs whilst meeting climate targets. With energy prices regularly appearing in the headlines, climate policy is a factor increasing bills and Prof. Helm has stated that the review will be to “sort out the facts from the myths about the cost of energy”.
The review’s terms of reference have reiterated the aim of the UK having the lowest energy costs in Europe and states, “The independent energy cost review will consider the key factors affecting energy bills, including but not limited to energy and carbon pricing, energy efficiency, distributed generation, regulation of the networks, and innovation and R&D. The review will not propose detailed tax changes.” Prof. Helm’s energy cost recommendations will address decarbonisation and the achievement of objectives which are sustainable, flexible, and secure in the decades to come.
Furthermore, the whole supply chain will be considered including generation, transmission, distribution, and supply taking cognisance of the implementation of smart meters and other innovation and technology within in the industry with regard to cost-saving opportunities at all phases of the chain. With the review set to look at energy costs, it appears there will be a keen focus on electricity. Prof. Helm will have a panel advising him during the course of his review, but the findings will be his own and are set to be released at the end of October.
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