Energy UK response to Ed Miliband - Labour Conference speech
In reaction to Ed Miliband's speech at the Labour conference, Angela Knight, Chief Executive of Energy UK, said:
“Freezing the bill may be superficially attractive, but it will also freeze the money to build and renew power stations, freeze the jobs and livelihoods of the 600,000 plus people dependent on the energy industry and make the prospect of energy shortages a reality, pushing up the prices for everyone.
No other industry is facing the investment challenge of the energy sector. Last year alone the energy industry invested £11.6bn – the equivalent of building the Olympic stadium twenty times over. We need to invest £110bn over the next ten years to build and renew the power stations, the wires and the pipes everyone in the country needs to keep the lights on, our homes warm and to supply the power for British business to compete, to recover and to grow.
And as for breaking up the energy companies or banning them both making and selling electricity - that is not the way to bring greater competition into the market or to provide the range of services which domestic and business customers want. What is does is send a clear message to overseas investors that the UK is closed for business when just today the World Energy Council said the UK has one of the world's fairest and most secure systems for supplying energy.
Disbanding Ofgem to create Ofgem II is posturing to no purpose. Energy companies have already simplified the tariffs they offer. The energy companies are already regulated and fully open about what they make, what they pay and the amount they are reinvesting. Today’s announcement is not the adult debate the industry has long been calling for and that customers deserve.”