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| Version 1 | Version 2 |
|---|---|
| Fear of 'huge' energy bill rises | Fear of 'huge' energy bill rises |
| (20 minutes later) | |
| Domestic energy bills in the UK could rise by 60% by 2016-17, the energy regulator has warned. | Domestic energy bills in the UK could rise by 60% by 2016-17, the energy regulator has warned. |
| However, this would be the "spike" in bills, with prices estimated to rise between 14% and 25% above inflation by 2020, the Ofgem report explains. | However, this would be the "spike" in bills, with prices estimated to rise between 14% and 25% above inflation by 2020, the Ofgem report explains. |
| The review also said that £200bn of investment is needed to secure supplies and to meet carbon targets. | The review also said that £200bn of investment is needed to secure supplies and to meet carbon targets. |
| Volatile gas markets and power stations nearing the end of their use are the chief concerns, the regulator said. | Volatile gas markets and power stations nearing the end of their use are the chief concerns, the regulator said. |
| Possibilities | Possibilities |
| The report is the result of Project Discovery, which was a scheme that Ofgem started in March in which it outlines four possible scenarios for future energy use and security in the next 10 to 15 years. | The report is the result of Project Discovery, which was a scheme that Ofgem started in March in which it outlines four possible scenarios for future energy use and security in the next 10 to 15 years. |
| It points out the need for investment arises at a time of volatile world energy prices and Britain's increasing dependence on gas imports. | It points out the need for investment arises at a time of volatile world energy prices and Britain's increasing dependence on gas imports. |
| This exposure means that supply disruptions across the world could affect prices. Significant changes are needed in the way energy is generated and consumed, the report added. | This exposure means that supply disruptions across the world could affect prices. Significant changes are needed in the way energy is generated and consumed, the report added. |
| "These are big challenges. Consumers are already enduring high energy prices," said Ofgem chief executive Alistair Buchanan. | "These are big challenges. Consumers are already enduring high energy prices," said Ofgem chief executive Alistair Buchanan. |
| "This is why we are consulting with consumer and environmental groups, the academic community and industry to ensure any policy proposals we make are grounded on the best evidence available. Early action can avoid hasty and expensive measures later." | "This is why we are consulting with consumer and environmental groups, the academic community and industry to ensure any policy proposals we make are grounded on the best evidence available. Early action can avoid hasty and expensive measures later." |
| What is your reaction to these forecasts? How would the predicted 60% rise affect you? Will you struggle, or are you already struggling, to afford your energy bills? | |
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