Regional electricity pricing plan is scrapped with Ed Miliband backing single national rate
Energy Secretary Ed Miliband ruled out zonal pricing yesterday, meaning the UK will retain one national wholesale price.
Mr Miliband said the move was fairer, more affordable and would protect investment in clean energy.
He said: 'Building clean power at pace is the only way to shield families and businesses from volatile fossil fuel markets.'
Zonal pricing could have lowered costs in areas such as Scotland, where power generation is high, but raised prices in regions such as the South East.
Critics feared it would create a postcode lottery, while supporters argued it could save billions by improving grid efficiency.
Energy firms welcomed the decision to axe the plan.
Centrica boss Chris O'Shea said it was 'common sense', while SSE said it provided 'much-needed clarity' for investors.
Meanwhile, the Government said it would take more control over energy system planning, map out new projects up to 2050 and review the charges generators pay to access the transmission network.
However, it was warned that the changes could drive firms overseas.
Claire Coutinho, Shadow Secretary for Energy Security and Net Zero, said the plans would see Britain 'lose businesses to more polluting countries with cheaper energy'.
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FTSE'S RECORD
THE FTSE 100 yesterday hit a record closing high of 8,975.66 — up 108.6 or 1.23 per cent.
It earlier reached a new intraday record of 8,979 points compared with 8,908.82 set in March.
Mining and commodity stocks led the rally, with Anglo American, Glencore and Rio Tinto among the top performers.
Investors shrugged off concerns over US tariff threats and global recession fears.
WATER PAYOUT OF £24M
Free data roaming abroad and HUGE council tax bill reductions
SOUTH WEST WATER will pay £24million after regulator Ofwat found it failed to manage wastewater properly — leading to environmental spills.
To avoid a £19million fine for legal breaches, the firm proposed a shareholder-funded investment package with £20million to improve storm overflows.
But campaigners were angry that Ofwat had let South West avoid a flat-out fine.
Meanwhile, Thames Water rejected a rescue bid from former Lib Dem energy spokesman Rupert Redesdale and investment firm Muinin Holdings.
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