Energy bills will rise without green initiatves

14 May 2012

Posted by John King

No one has been immune to the effects of the recent global economic turmoil and household energy bills - including heating oil prices - have been rising in recent years.

Just last week, the Office for National Statistics (ONS) noted that monthly outgoings have risen by 71 per cent in the past decade.

In the energy sector, one of the key concerns has been that carbon reduction initiatives and investment in green technologies will actually push up the cost of heating and lighting people's homes even further.

However, new research has shown that the opposite may be true and green energy schemes could actually drive down the cost of heating oil.

The Department for Energy and Climate Change (DECC) claims that consumers' energy bills could actually tumble by £94 per year if the government stays the course and implements more low-carbon energy solutions.

DECC's claims are also backed up by research from energy regulator Ofgem.

However, many analysts have claimed that in the coming year global energy prices are likely to rise because of troubling conditions in the wholesale markets.

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