ENERGY COSTS 'TO GO HIGHER'

The owner of the country’s gas and electricity networks said high energy prices were here to stay and would go higher.

It wanted to help the public cope with the cost by providing more energy-saving information.

“UK energy users have a green conscience but they need information on how to be careful with demand and lower their bills,” said group finance director Steve Lucas.

National Grid was itself “immune” to rising energy prices since regulatory price controls were implemented last April.

“Our revenue is not as volume driven as it was in the old days,” explained Lucas. “The effect of rising prices on us has been pretty much zero.”

Profits for the year were up 24 per cent at £1.8billion, thanks mainly to its gas distribution and transmission business.

National Grid plans to spend £10.5billion during the next four years on its networks, increasing electricity supply from renewable energy sources such as wind farms.

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