Parliamentary Search

Written question asked by Lord Bradshaw (Liberal Democrat), in the House of Lords. It was answered by Lord Marland (Conservative) on Thursday, 17 March 2011.

Energy: Prices

Question
To ask Her Majesty’s Government what current and future prices per barrel of oil were used to calculate the figures in the Carbon Plan published on 8 March 2011.
Answer

The £110 billion investment figure on page 7 of the Carbon Plan, which is from the Electricity Market Reform: Consultation Document (DECC 2010), used the central scenario in the latest published fossil fuel price assumptions from the Department of Energy and Climate Change. These prices are:

Scenario 2—Timely Investment, Moderate Demand
2008 prices Oil-Brent Gas-NBP Coal-ARA
Year $/barrel p/therm $/tonne
2008 102 58 147
2010 70 58 110
2015 75 63 80
2020 80 67 80
2025 85 71 80
2030 90 74 80

The full range of fossil fuel price assumption can be found in the document Communication on DECC Fossil Fuel Price Assumptions at: http://www.decc.gov.uk/en/content/cms/statistics/projections/projections.aspx. The other figures in the Carbon Plan (8 March 2011) do not require a specific oil price assumption.

Secondary information

Type
Written question
Reference
7571; 726 c93WA
Session
2010-12
Subjects
Forecasts Oil Pollution control Prices Carbon emissions
Contains statistics
Yes
Link
View this Written question on www.publications.parliament.uk