Energy companies need to double their rate of investment to meet government objectives for cutting emissions and securing supplies, according to a report commissioned by Centrica, the owner of British Gas. To finance that investment they will need to earn twice as much profit, the study says.
By 2025 the industry will need to invest £234bn in new wind farms, nuclear power stations and grid connections, Ernst & Young, the professional services firm, has calculated. That is well above previous estimates, reflecting soaring costs and more ambitious goals set by the government.
