Electricity prices will not be drop significantly'
Published on : 09/02/2009
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Electricity prices will not be significantly lower in the foreseeable future because of the need to invest heavily in power infrastructure, it has been claimed.
According to the chief executive of ScottishPower Nick Horler, the debate should now focus on updating Britain's ageing electricity grid.
He told the Herald that doing so would help the UK spend its way out of the recession.
"Ultimately, investment means jobs and jobs are good for the economy," he told the news provider.
He added that despite a further drop in retail energy prices being very unlikely, the company will always attempt to offer its customers the best possible service and value for money.
Mr Horler claimed that in the medium term consumers should not expect a return to the cheap electricity and gas prices of the past.
ScottishPower is set to invest £100 million in the tidal energy sector building underwater turbiones off the coast of Orkney.
