The UK's ageing power stations could keep energy prices higher until the end of the decade and analysts at Cornwall Insight have predicted as spikes in price will look to cover gapes in renewable energy generation.

Current rates of £18 per kW could also be a thing of the past too, with the forecaster stating the in order to keep the UK's grid stable, but the latest auction figures show this could spike as high as £65 per kW in the not so distant future.

Power plant operators are paid to plug the demand for the generation of electricity when measures such as wind and solar are at their weakest, and the current prices in place are locked in until 2025 which is when we are likely to see things hit this predicted £65 per kW level.

And prices were only predicted to fall to around £51 per kW by 2030 too.

The analysts at Cornwall Insight have also said it's likely that these elevated costs will be passed onto the consumer too - which looks like it will again have an increased cost on our energy bills.

Source: You can read the full article at Energy Live News.

The Honest Opinion

"More and more articles are being released that tell us prices will remain at these elevated levels for the foreseeable future. While stability in the market is a good thing the ever present fact is that the spikes in the market are often caused by totally unpredictable factors. The ability to secure rates in advance is a luxury at businesses disposal, one that should be taken advantage of given the chance to avoid unwelcome increases."

Arran Quinn, Corporate Account Manager and Energy Consultant at Honest Utility Group

At Honest Utility Group our team will look help you secure the best available rates and terms on your energy contracts. You can reach our team by phone on 0191 7208 238 or by email at info@honestltd.co.uk