Passing of Energy Bill opens up route to cheaper electricity for UK consumers

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RenewableUK says today’s announcement by Statkraft, Statoil and Masdar that a £1.3 billion agreement has been reached.

RenewableUK says energy policy has reached a significant moment, as the Energy Bill has concluded its passage through Parliament and will now become law.

RenewableUK Chief Executive, Hugh McNeal, said:

The Government has said that in the future the UK’s electricity will be generated by gas, nuclear and renewables and not from coal. Onshore wind is now the cheapest of these options. With the pain of the Energy Bill finally behind us, we need to look forward and find sensible ways to take advantage of wind power to ensure consumers’ electricity bills are as low as possible.

Analysis by Bloomberg New Energy Finance shows that the overall cost of onshore wind is continuing to fall, with new onshore wind cheaper than new gas – even at a time of low gas prices. This shift has also been reported by Policy Exchange, Bright Blue and the Committee on Climate Change, which all confirm the low cost of onshore wind.