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New reforms 'will reduce power costs'.

REFORMS to the electricity market will reduce the impact of rising energy bills for consumers, the Government has claimed.

But critics said the measures to attract billions of pounds of investment to overhaul the UK's "creaking" energy system, were skewed in favour of nuclear power and the "Big Six" energy firms at the expense of renewables.

The draft Energy Bill will introduce long-term contracts that pay a steady rate of return for energy over the lifetime of new low-carbon generators, to overcome the high capital cost of building nuclear power plants or offshore wind.

The Government hopes the reforms will deliver on cutting greenhouse gas emissions to tackle climate change, reduce consumer exposure to volatile gas prices and imports and lower the risk of black-outs as ageing power stations go offline.

The changes are designed to deliver the pounds 110 billion needed forpower plants, wind farms and the grid over the next decade to bridge the energy gap.
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Publication:Birmingham Mail (England)
Date:May 23, 2012
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