Kemi Badenoch and Claire Coutinho launched a full system cost of Labour’s approach to the energy grid compared to one which prioritises cutting bills. The report shows that an energy system which puts cheap power first would save £320 billion over 20 years, make Britain’s electricity structurally a third cheaper by 2050 and is nearly 80 per cent clean.
Richard Fuller MP said:
Whether it’s for decarbonisation, improving living standards or creating a stronger economy, cheap electricity is more important than clean electricity. We already have some of the cleanest electricity in the world; our problem is that it’s some of the most expensive.
Labour’s ambition to decarbonise the electricity grid by 2030 will make electricity more expensive because of the hidden costs of wind and solar: more pylons, more transformers, payments to wind farms when they produce too much energy and funding backup supplies when they don’t produce enough.
Now, in a first of its kind report, Ed Hezlet, a former Equity Analyst at JP Morgan, and Marlon Dey, former Head of Research at energy consultancy Aurora, have set out how compared to our strategy which puts cheap power first, Labour’s net zero plan will cost an extra £320 billion to the British taxpayer, equivalent to £540 per household per year.
You can read the full report at https://ukonward.com/reports/firm-foundations/ and watch Claire Coutinho explain more at https://youtu.be/ijM9JSXjaNo?si=djttdBiJ_cdlBQiq
On Wednesday, Ofgem confirmed that energy bills have risen by £400 since the General Election, despite Labour promising to cut them by £300. The energy price cap for October to December 2026 will rise to £1,935, up from £1,568 for July to September 2024.
Richard Fuller added:
With bills rising, Labour’s ideological approach to energy is disastrous for the economy and the cost of living. Our Cheap Power Plan would cut energy bills for households and businesses by scrapping Government taxes and levies on bills, and it wouldn’t cost the taxpayer a penny. We have to put cheap energy first.
