Tuesday, 22 November 2011

U.K. Electricity Prices to soar by 2021

On November 14th, 2011, SmartestEnergy (London, England) reported that wholesale electricity prices in United Kingdom will rise by at least 40% over the next ten years.

SmartestEnergy’s Power Predictor Survey 2012 interviewed independent generators, energy buyers and brokers. More than a third of survey respondents believe that wholesale prices will be between GBP 70 – GBP 79.99/MWh.

Many in the industry are bracing themselves for significant increases

"While it is impossible to forecast with any certainty what will happen over the next decade, it is clear from our survey that many in the industry are bracing themselves for significant increases," SmartestEnergy CEO Robert Groves said.

A 29% predicted prices will at least GBP 80/MWh, which is more than 60% higher than the current rates. Only 8.4% believed prices will be the same or lower than today. The average price predicted was just over GBP 70/MWh, compared to the GBP 49/MWh average seen over the past year, representing a 43% increase.

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