CBI, Energy UK Say Power Bill Reforms Could Add £130 Billion by 2050
Updated
Updated · BusinessGreen · Jul 13
CBI, Energy UK Say Power Bill Reforms Could Add £130 Billion by 2050
2 articles · Updated · BusinessGreen · Jul 13
Summary
£130 billion could be added to the UK economy by 2050 if ministers cut commercial electricity costs, according to a joint CBI and Energy UK proposal published Monday.
The groups say UK electricity prices remain 45% above the G7 median and argue that removing legacy Renewables Obligation and Feed-in Tariffs costs from non-domestic bills would sharply reduce industrial power costs.
Their package also calls for scrapping the Climate Change Levy on commercial electricity, aiming to improve competitiveness for power-intensive businesses and support wider electrification.
The intervention adds pressure on the government to overhaul how policy costs are recovered from bills, with business groups framing high electricity prices as a drag on investment, jobs and long-term growth.