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Commission an independent review into the Cost of Energy

Last updated: 10:41am 14 June 2019

We will therefore commission an independent review into the Cost of Energy, which will be asked to make recommendations as to how we can ensure UK energy costs are as low as possible, while ensuring a reliable supply and allowing us to meet our 2050 carbon reduction objective.

Conservative Party Manifesto 2017, p.22

Our verdict

This is part of the government’s industrial strategy, which outlines the ambition stated in the manifesto to “make sure that the cost of energy in Britain is internationally competitive”. Reviewing the cost of energy, as promised here, is seen as the first step towards enabling the UK to “have the lowest energy costs in Europe”.

In October 2017, the government published the Cost of Energy Review by Dieter Helm, Professor of Energy Policy at the University of Oxford, and Fellow in Economics at New College, Oxford. As the policy promised, the review lists key findings and recommendations, the first of which very much sets the tone:

“The cost of energy is too high… Prices should be falling, and they should go on falling into the medium and longer term”.

A review which makes recommendations as to how to lower energy costs was commissioned and published. Since then, the government has also committed the UK to ‘net zero’ carbon emissions by 2050. This policy can therefore be marked as ‘done’.

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