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OFGEM Report Highlights Requirement for Significant Investment in Renewable Technology

Mainland Britain could face power shortages in the years ahead, according to the energy regulator, OFGEM. The regulator said the industry needed £200bn of investment by 2020.

OFGEM has also suggested that the average household annual gas and electricity bill would rise by up to 25% to £2,000 or so by 2020.

Commenting, Daniel Fell, Head of Policy at Doncaster Chamber, said:

“The focus of investment in the energy sector must not solely be the reduction of carbon emissions through schemes such as Carbon Capture and Storage (CCS) but more so renewable energy as this will be the key to sustainable business. Such an industry presents a once in a generation chance to secure thousands of jobs in the region, whilst also reducing the average annual household bill and preventing power shortages.  It would also help contribute towards security of supply for the UK which is so important to business.

We warmly welcome the recent announcement by the Government, regarding the substantial investment in off-shore wind farms – and sincerely hope that this is just the beginning of the investment in the sector.

The loss of the power generation industry would be a major blow to the region – there must be more investment in alternatives now, in order to safeguard this cornerstone of the Yorkshire economy.”