In an interview with The Times Lord Lawson, of Blaby of the House of Lords’ Economic Affairs, criticised the governments energy policy.
An opinion piece published in The Times said:
What passes for a coalition energy policy is in fact a tangle of regulations, subsidies and incentive that is delaying investment, driving up prices over the long term making blackouts a real possibility by as soon as next year. [The coalition] has sown confusion with its varying commitment to expensive renewables subsidies, which have a direct effect on household bills but also on industry’s appetite for investment in new gas-powered generating capacity. It has given the Competition and Markets Authority for too long (two years) to report on the pricing strategies of the big six domestic energy suppliers. Above all, it has failed to recognise the potential of shale gas.
This opinion piece used estimates from Ofgem and the likes.
Ed Davey, Secretary of State for Energy and Climate Change, responded to the piece by saying:
We’ve attracted £45 billion of investments since 2010, alongside introducing the most sweeping reforms of the energy sector in decades. We have announced plans for the first new nuclear power station in a generation, doubled the amount of electricity we get from renewables, we have Europe’s leading carbon capture and storage projects, we are fast-tracking plans to maximise North Sea oil and gas, and we’re supporting the domestic shale gas sector.