The Prime Minister used her main speech at the Conservative Party Conference in Manchester yesterday to confirm that Government will be bringing forward draft legislation to implement an energy price cap next week whilst also reiterating her support for the UK to be a leader in battery storage.
Describing the energy market as "broken", the PM said that she believed the current "energy market punishes loyalty with higher prices. And the most loyal customers are often those with lower incomes: the elderly, people with lower qualifications and people who rent their homes. Those who for whatever reason, are unable to find the time to shop around."
Interestingly, this announcement comes in advance of the Government's own independent review into energy prices, led by Professor Dieter Helm, which is due to publish its initial findings at the end of October. The PM also reiterated her Government's commitment to investing in battery storage, for both large scale and electric vehicle solutions.
Matthew Evans, techUK's Head of Smart Infrastructure, said "The Government has repeatedly and correctly stated that a smarter, more flexible energy system is the best way of providing energy security, meeting our climate change targets and ensuring that costs are sustainable for both households and business. The move to a smarter system is already underway but requires significant investment over a sustained period of time.
For that investment from the private sector to continue, the sector requires clear leadership from Government. Whilst the details are yet to be released, a cap on the scale being reported risks sending contradictory signals to investors and undermining confidence in the Government's belief that the market can support the transition to a smart system transition. Of course, the best way to reduce energy bills is to help people use less energy – that’s both through better oversight of their energy usage and focusing on the energy efficiency of our homes, which is a particular issue for the elderly and those who rent.”