The House of Lords Select Committee on Economic Affairs has published its report entitled ‘The Price of Power: Reforming the Electricity Market’. The Committee examined the impact of the policies of successive governments on the electricity market. In its report the Committee identifies two key failures in the current market: the narrow amount of spare capacity, particularly in winter, and the rising cost of electricity to consumers and businesses. The Committee concludes that constant intervention by successive Governments in the electricity sector has led to a complicated, uncompetitive market that is failing consumers and businesses.
A substantial contribution was featured in the report by Professor Sir Richard Friend under ‘Reform 5 - Fund Research and Development’.
Click here for the report.