Electricity prices to soar 60% in a decade

Electricity prices could soar by 60% over the next decade, finds a new survey of energy buyers. Nine in ten expect wholesale prices to rise by 2021, according to SmartestEnergy, […]

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By Vicky Ellis

Electricity prices could soar by 60% over the next decade, finds a new survey of energy buyers. Nine in ten expect wholesale prices to rise by 2021, according to SmartestEnergy, a buyer and supplier of independent energy.

A third of brokers polled in their Power Predictor 2021 survey predict prices will hit at least £80 per megawatt hour, more than 60% higher than current levels.

Robert Groves, chief executive of the Japanese-owned supplier said: “While it is impossible to forecast with any certainty what will happen over the next decade, it is clear from our survey that many in the industry are bracing themselves for significant increases.”

He added: “Wholesale prices have already more than doubled since SmartestEnergy was founded in 2001 and a continued upward trend presents major challenges as well as exciting opportunities for the energy entrepreneurs we work with.”

The survey was conducted among 71 energy professionals.

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