EDF Energy chief executive warns of electricity price rise

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The boss of EDF Energy - one of the big six energy companies - has warned consumers to expect imminent rises in the price of electricity across Europe, according to an article published by EurActiv.com.

Vincent de Rivaz, chief executive of the energy supplier, attributed the rise to the demands of moving closer towards a low-carbon economy. Speaking at a European Parliament meeting, held on 19 June, Mr de Rivaz, stated: "It would be a mockery to deny that the price will go up.

The Department of Energy and Climate Change has already unveiled its Electricity Market Reform - stating that investment of around £110 billion was needed in power generation and transmission.

In relation to the reform, Mr de Rivaz, added: "It is impossible to invest £110 billion (€134 billion) in electricity generation with no impact on prices in the short term."

He did, however, applaud the UK Government, stating that the reforms would see the high costs of capital currently seen reduced.

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