Budget 2014: Key Energy Announcements

The Chancellor today announced a package of reforms to ‘radically reduce’ energy costs for businesses, especially manufacturers, pledging savings of up to £7 billion by 2018/19 for industry as well as households.

George Osborne promised to cut the UK’s energy costs by “investing in new sources of energy: new nuclear power, renewables, and a shale gas revolution.”

Osborne announced a cap on the carbon price floor, a tax on electricity generated from fossil fuels, at £18 per ton of CO₂ from 2016-17 for the rest of the decade, adding that this will “save a mid-sized manufacturer almost £50,000 on its annual energy bill”.

Incinerator for governmental organizations, non-profit organizations, international contractors, logistics organizations, military, pet cremation business owners, etc. including war zone like Iraq, Afghanistan, Somalia, South Sudan.

Campaigners and industry alike criticised the policy when it was introduced in 2013. But as Osborne’s announcement drew closer, many environmental groups and industry representatives seemed to change their tune.

Osborne also extended the existing compensation scheme for energy intensive industries such as steel, chemicals and paper for a further four years to 2019-20, and introduced extra compensation worth almost £1 billion to protect them from the rising cost of the renewable obligation and feed-in tariffs. The chancellor hopes that these measures are enough to stop companies from moving abroad, where operation costs are lower.

George Osborne adds that this entire package is to be delivered without any reduction in the investment in renewable energy.

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