The price of natural gas for electricity generation in the United Kingdom (UK) is estimated to rise to 35 per cent by 2025, according to a release by Department for Energy Security and Net Zero.
Per the latest updated estimates, by 2025, gas costs for generating electricity in the UK will surge by 35 per cent compared to previous estimates.
According to Department for Energy Security and Net Zero, renewable energy sources would become even more cost-effective than previously anticipated.
Offshore wind is expected to become 23 per cent cheaper, while onshore wind and solar power are projected to be four per cent and seven per cent cheaper respectively.
Solar Energy UK has responded to the latest energy cost estimates with a call for attention to the potential of solar power.
The confirmation that solar farms offer the most cost-effective way to generate electricity in the UK is seen by Solar Energy UK as a wake-up call for those who may have doubted the feasibility of achieving net zero emissions.
The revised levelised cost estimates indicate that solar power affordability surpasses other energy generation methods, the trade association has said.
With projected costs of only £41 per megawatt-hour in 2025, solar energy emerges as a strong contender in the nation’s quest for cleaner and more economical power sources, Solar Energy has noted.
Chis Hewett, Chief Executive of Solar Energy UK, said: “This is yet another ringing endorsement of solar energy in the UK and further justification for the government’s target to reach 70GW of capacity by 2035.
“In Britain, power generated by the sun is now a third of the cost of power made from burning gas and it will only get cheaper. The fastest way to permanently drive down energy bills is to build more renewables.”