7 January 2010
Electricity prices are likely to increase dramatically over the next ten years, according to GMB, the largest union in the gas industry in Britain.
National Secretary of the organisation Gary Smith stated: "The subsidies for renewables, the cost of building more electricity generating capacity and the massive investment that will go into the creation of the smart grid will mean that electricity prices are set to soar."
His comments come in response to an announcement by National Grid that demand for gas is outstripping supply due to the severe cold weather currently being experienced by much of the UK.
Energy watchdog Ofgem estimates that energy bills will double by 2020, a prediction which Mr Smith described as "extremely conservative".
Earlier this week, National Grid warned of temporary gas shortages as demand reached almost record highs among people trying to heat their homes in the cold weather.
On Monday January 4th, the organisation issued its second ever gas balancing alert, asking industrial businesses and power stations to reduce their usage of the natural resource.
