moneysupermarket.com: Ofgem Project Discovery report

Commenting on Ofgem's Project Discovery report, Scott Byrom, utilities manager at moneysupermarket.com, said: "Today's news adds fuel to the fire that there is no doubt British bill payers need to be extra vigilant over the long term about their energy consumption, and if there was ever a time for bill payers to make sure they are on the best value energy tariff for their consumption and region now is the time to do it. The onus is completely on individuals here to make sure they strive to find the best deal as apathy will never be rewarded when it comes to the energy market.

"There is no denying much consideration and planning is needed to ensure the long term future of Britain's energy industry. By developing its four scenarios to assess the risks for energy security, Ofgem's Project Discovery reveals the industry will require infrastructure investment of up to £200 billion over the next ten years to meet energy supply and climate change targets. However, the stark warning for Brits is how their wallets could be affected; Ofgem reports the cost of domestic energy bills could peak at an increase of 60 per cent by 2016, with an overall increase of 25 per cent by 2020. If prices do rise by 60 per cent, people will be facing annual standard energy bills of around £1972 - a hard pill to swallow when the outlook for many of our finances is bleak.

"Despite a recent round of price cuts Ofgem acknowledges consumers are already bearing the brunt of high energy prices, so unfortunately it will be down to bill payers to foot the bill once again."