New Electricity Rules Could Save UK Consumers Up To £40 Billion
Huge changes to the way electricity is made and stored could see UK consumers saving up to £40 billion ($52.1bn) by the year 2050.
The new rules, which will come into effect over the next year, will make it easier for people to generate their own power, store in and sell it to the National Grid.
Now the government have decided that in order to encourage people to use electricity in a more flexible way that will benefit everyone, this rule must be changed.
BBC News used a household which allows its freezer to be temporarily switched off at times of peak demand as an example of those who could potentially benefit, with figures suggesting the changes could save between £17bn ($22bn) and £40bn.
It comes as the Business Secretary, Greg Clark, announced the Government will invest £246 million ($320m) in developing battery technology.
He said: "To enjoy a high and rising standard of living we must plan to be more productive than in the past.
Business Secretary Greg Clark. Credit: PA
"Economists have pointed to what they have called a productivity puzzle in Britain - that we appear to generate less value for our efforts than, say, people in Germany or France.
"In other words, we have to work longer to get the same rewards.
"It's not that we want - or need - people to work longer hours. It's that we need to ensure that we find and seize opportunities to work more productively as a country, as cities and regions, as businesses and as individuals.
"If we can do so, we can increase the earning power of our country and our people."
He continued: "Later in the year we will respond formally to the consultation with a White Paper, but the shape of it is already becoming clear.
"One of the strengths of an industrial strategy is to be able to bring together concerted effort on areas of opportunity that have previously been in different sectors, or which require joining forces between entrepreneurs, scientists and researchers, industries, and local and national government."
However, Shadow Business Secretary Rebecca Long-Baily wasn't so optimistic about the plans.
"The Government's promise of investment in battery technology is simply a re-announcement of funding promised back in April as part of the Industrial Strategy Challenge Fund, and their record of supporting emerging green industries is abysmal," she said.
"This scale of vision and investment is what is needed to transform the UK economy, not a re-announcement of the same small pot of funding.''
Featured Image Credit: PA