Oliver Colvile is MP for Plymouth Devonport. Follow Oliver on Twitter.
Over the next decade the UK faces three specific energy challenges:
- Securing a stable energy supply;
- Making sure we play our part in cutting C02 emissions in the fight against global warming; and
- Developing new business for growth in our economy.
According to OFGEM, Britain will face a potential energy shortage by the winter of 2015/2016. This could lead to a significant rise in the cost of energy bills. According to a recent report by the energy regulator, the amount of spare UK’s energy capacity is likely to fall from 14% to 4%.
Britain could become increasingly reliant on foreign energy supplies or see the lights being turned off just as we prepare for the next General Election.