Net Zero Watch warns of years of rising electricity bills

AUGUST 16, 2024

By Paul Homewood

London: 16 August 2024Net Zero Watch warns of years of rising electricity bills

Net Zero Watch has warned that Labour’s plans for the electricity system mean that consumers face years of rising bills. Analysis by the campaigning organisation indicates that consumers could be paying over £500 per year extra.

The staggering increase is due to the Government’s plans to vastly increase renewables capacity, the cost of which far outweighs any possible savings from reductions in fuel usage in gas-fired power stations.

And Net Zero Watch is warning that government plans for a major deployment of floating offshore wind will make the situation even worse.

Net Zero Watch director Andrew Montford said:

Floating offshore wind is probably the most expensive form of electricity ever deployed on a commercial basis in the UK, and all the signs are that it will remain so.

Mr Montford said:

“Mr Miliband’s plans are not sustainable and will never be realised in practice. The only question is how much damage the Secretary of State will do to the country before Mr Starmer is forced to replace him.”

Notes to editors

• The analysis is set out in a recent posting at the Net Zero Watch website.

• Floating offshore wind has levelised costs of well over £200/MWh. Developers of new capacity are being offered £240 in the current renewables auction.

• The impact on consumers would be felt partly through electricity bill increases, and partly through cost of living increases.