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Chris Huhne unveils plan for £110bn energy investment | Chris Huhne unveils plan for £110bn energy investment |
(40 minutes later) | |
Plans for £110bn of investment in electricity generation have been unveiled in a White Paper by the Energy Secretary, Chris Huhne. | Plans for £110bn of investment in electricity generation have been unveiled in a White Paper by the Energy Secretary, Chris Huhne. |
Under the plan, a quarter of the country's power stations would be replaced by 2030, Mr Huhne said. | Under the plan, a quarter of the country's power stations would be replaced by 2030, Mr Huhne said. |
It also aims to insulate the UK from swings in oil prices by increasing nuclear and renewable energy sources. | It also aims to insulate the UK from swings in oil prices by increasing nuclear and renewable energy sources. |
Shadow energy secretary Meg Hillier said the White Paper was a "mixed bag of measures". | Shadow energy secretary Meg Hillier said the White Paper was a "mixed bag of measures". |
Speaking in the House of Commons, Mr Huhne said: "We need to guarantee the future security of supply." | Speaking in the House of Commons, Mr Huhne said: "We need to guarantee the future security of supply." |
Earlier, Mr Huhne had told the BBC that claims the cost of the investments would hurt consumers were misplaced. | Earlier, Mr Huhne had told the BBC that claims the cost of the investments would hurt consumers were misplaced. |
He pointed to recent rises in utility bills by British Gas and Scottish Power, claiming that these companies had already imposed a cost on consumers in one day similar to what the investment programme would involve over several years. | He pointed to recent rises in utility bills by British Gas and Scottish Power, claiming that these companies had already imposed a cost on consumers in one day similar to what the investment programme would involve over several years. |
"[The White Paper] provides insurance for consumers against that sort of shock," he said. | "[The White Paper] provides insurance for consumers against that sort of shock," he said. |
'Keep the lights on' | 'Keep the lights on' |
A key recommendation of the paper is long-term price contracts with domestic nuclear power plants and offshore windfarms, in order to make electricity prices more stable. | A key recommendation of the paper is long-term price contracts with domestic nuclear power plants and offshore windfarms, in order to make electricity prices more stable. |
The Department for Energy and Climate Change said that its investment plans would cost £160 per household per year by 2030. | The Department for Energy and Climate Change said that its investment plans would cost £160 per household per year by 2030. |
In contrast, the Department said that if the system remained unchanged, then electricity bills would go up by £200 a year over the same period. | In contrast, the Department said that if the system remained unchanged, then electricity bills would go up by £200 a year over the same period. |
"It means that we keep the lights on," Mr Huhne told BBC Breakfast. "Because we are replacing a quarter of our clapped-out electricity generation." | "It means that we keep the lights on," Mr Huhne told BBC Breakfast. "Because we are replacing a quarter of our clapped-out electricity generation." |
The planned investment is equivalent to 20 large new power stations, double the pace seen in the last decade. | The planned investment is equivalent to 20 large new power stations, double the pace seen in the last decade. |
It aims to raise the share of renewable energy sources to 30% of electricity generation by 2030, from 7% currently. The government also foresees new nuclear power stations being built as well. | It aims to raise the share of renewable energy sources to 30% of electricity generation by 2030, from 7% currently. The government also foresees new nuclear power stations being built as well. |
It would also see the building of new coal-powered generators with technology to capture carbon emissions, as well as new gas-fired power stations. | It would also see the building of new coal-powered generators with technology to capture carbon emissions, as well as new gas-fired power stations. |
Natural gas is regarded as cleaner than other fossil fuels, and gas prices are expected to remain cheap thanks to the development of shale-gas deposits in the US, coupled with the growing international trade in liquefied natural gas. | Natural gas is regarded as cleaner than other fossil fuels, and gas prices are expected to remain cheap thanks to the development of shale-gas deposits in the US, coupled with the growing international trade in liquefied natural gas. |
The British Chambers of Commerce (BCC) said it had "serious concerns" about the impact of some of the reforms on the competitiveness of UK-based industries. | |
"The government must look at measures to help those industries whose competitiveness will be most affected by the UK's energy and climate change policies," the BCC said. |