Tories promise to launch energy cost review

The UK should have the “lowest energy costs in Europe” according to election manifesto

The Conservatives have promised to launch an independent review into the cost of energy if re-elected, as part of their 2017 general election manifesto.

The manifesto was launched earlier today by Theresa May and makes a series of commitments, including a review to “ensure UK energy costs are as low as possible”.

“We want to make sure that the cost of energy in Britain is internationally competitive, both for businesses and for households,” the manifesto states.

It adds the Conservative ambition is that the UK should have “the lowest energy costs in Europe”.

As previously reported, the document also contains a commitment to cap energy price rises.

It states the Conservatives will extend the “standard tariff cap”, which is currently in place for some vulnerable customers to others on the “poorest value tariffs”.

“We will maintain the competitive element of the retail energy market by supporting initiatives to make the switching process easier and more reliable, but the safeguard tariff cap will protect customers who do not switch against abusive price increases,” the manifesto pledges.

It also states a future Conservative government will consult on how to extend the cap to micro-businesses.

The document also promises to upgrade all fuel poor homes to EPC Band C by 2030 and review requirements for new houses.

It also reiterates a previous general election pledge that the Conservatives “do not believe more large-scale onshore wind power is right for England”, however the party says they will support the development of more offshore wind projects “in the remote islands of Scotland”.

And the manifesto builds on previous pledges to support fracking by increasing the amount of tax revenues available to communities through the Shale Wealth Fund.

According to the document, shale energy “could play a crucial role in rebalancing the economy”.