On 7th February 2019 OFGEM announced that it would be raising the energy price-cap from £1,137 to £1,254 for customers on default tariffs and from £1,137 to £1,142 for customers on prepayment meters. The new cap limits will come into effect on April 1st,
This news means that some 15 million households in Britain, or half the country’s households, are set to see their energy bills, which had been capped in December 2018, rocket from April 1st and that a typical electricity bill of £1,254 a year will see a rise of £117 per annum.
One thing is clear, the government’s energy price cap policy is failing to insulate customers from sharp fluctuations in wholesale power prices. Electricity is becoming increasing unaffordable and the number of customers experiencing energy poverty is increasing.
It is also clear that the energy price cap is not going to make the savings that customers were promised by the government. Current policy is evidently failing to protect consumers from sudden price increases.
What is clearly preferable is the encouragement of greater investment in competitive renewables and energy storage projects. Such investments would reduce the UK’s reliance on sudden variations in the price of natural gas imports for power generation and significantly help to cut carbon emissions.
In response to such bad news for power users, both big and small, the ILI Group Plc today announced that Pumped Storage Hydro (PSH) can save at least £100 on every household’s energy bill, reduce power price fluctuations for customers and offset millions of tons of CO2 emissions every year. There is now over 4.2 GW of PSH in the UK pipeline and this technology, working with renewables such as solar and wind, is a perfect fit in delivering the next generation of clean, reliable, affordable and predictably priced energy.
In fact, the ILI Group have a 450 MW PSH project at an advanced stage of development near Loch Ness in Scotland called Red John which will be able to power almost half-a-million homes. Mark Wilson, CEO of ILI Energy, states that “by allowing us to store more clean energy generated from renewable sources for when we need it most, Red John stands to save one million tonnes of CO2 every year – truly unlocking the potential of wind and solar to decarbonise our energy systems.”
Some locals are concerned that the legendary monster will be sucked out of the Loch but safety measures are in place to ensure this won’t happen!
Mark Wilson states that “It’s a pivotal time for the UK Government and how we proceed with our energy mix. It is clear that the next generation has a real passion for our world, which is great to watch with the protests at Parliament. I’m speaking tomorrow at a local primary school to my daughter’s class and I expect their knowledge to be advanced in this subject.”
PSH is a well-proven technology and new projects are being developed successfully alongside battery storage in the US, Spain and Australia.
Notes to editors
Intelligent Land Investments (ILI) Group PLC is a company whose main aim is to bring over 1.5GW of energy storage to the UK electricity market via three new pump storage hydro installations in Scotland.
Mark Wilson, CEO of ILI Energy is available for interview
Issued on behalf of ILI Group Plc by Nicnewmanoxford.com.
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