Energy Bills 'Could Double Every Five Years'
Financial services group Unicredit has said household utility bills in the UK could double every five years until 2020 due to cost pressures from environmental programmes and rising network charges.
In a recently published report, the company said the switch to greener energy will have a significant impact, with a portion of the cost of building nuclear power stations and wind farms set to be passed on to customers.
“According to our analysis, a typical UK energy bill could rise from the current level of £1,000 per year to over £2,000 per year by 2015,” it said. “As investment occurs, bills could double every five years until 2020, in our view.”
This news came shortly before energy giant E.ON's announcement that it is to raise prices 9% for electricity and 3% for gas due to "rising industry costs". British Gas, another of the country's major energy suppliers, said that it was raising its domestic electricity and gas tariff by 7% in November.
"It's been over two years since we last increased our prices, and, unlike other companies, we held off from increasing them during the incredibly cold temperatures we saw in late November and December,” said the company's managing director, Graham Bartlett.
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