Rising energy costs are fuelling Business worries

Monday 10th July 2006

Speaking ahead of the much anticipated Government energy review which looks set to be published tomorrow, IoD Director General Miles Templeman said:

"Rising energy costs are causing real concern as the Business community grows increasingly anxious about further cost increases. We hope to see a strong strategy from the Government tomorrow in tackling these concerns.

"British bosses are fully committed to a diverse approach to energy as they are strongly supportive of the need for an expansion of both nuclear and renewable sources. 68% of IoD members wish to see an expansion of nuclear capacity, with 84% wishing to see an expansion in renewable sources."

Multiplicity of supply sources is vital to long term security and our ability to exploit new technologies and optimise the cost base.

"Price considerations cannot be divorced from decisions about security of supply and environmental factors. The Energy Review (2006) document listed affordable energy as the 3rdobjective for the UK's Energy policy - British bosses feel that cost should be at the centre, and not the periphery of the debate. Affordable energy must move up the agenda."

Miles Templeman added:

"The best way to tackle cost concerns and climate change worries is through a more efficient use of energy. We look forward to more direction from Government and more support for business, especially SMEs, in how to be more energy efficient. This is good for the environment and good for the economy."