Energy: Prices

Department for Business, Energy and Industrial Strategy written question – answered at on 26 January 2023.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask His Majesty's Government what assessment they have made as to whether a mix of energy sources, including renewables, could facilitate a reduction in energy prices for consumers.

Photo of Lord Callanan Lord Callanan Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The BEIS "Electricity Generation Costs" report shows that on a levelised cost basis, wind and solar are amongst the cheapest forms of electricity generation in the UK. More low-cost renewables like wind and solar will ensure Britain is less affected by fluctuations in volatile global gas prices.

BEIS’s "Modelling 2050 – electricity system analysis" also shows that low-cost future electricity systems require a mix of technologies to balance demand and supply. Highly renewable systems have the lowest overall costs and lowest carbon emissions.

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