The River Severn could be harnessed as a social enterprise for Britain to create 40,000 jobs; contribute 10% of the UK’s 40% renewables and CO2 targets, eradicate fuel poverty permanently and provide the government with an extra £2Billion a year to spend.
Currently, almost £4billion is spent per year fighting a losing battle with fuel poverty as energy costs keep rising faster than standards of living. A system to harness the power of the River Severn could cost about £15 Billion to build, last 100 years and generate enough electricity to power over 4% of the UK – that’s enough for roughly 5 million homes and more than enough to help the country’s fuel poor.
The government should accelerate plans to build this system using public money. And, once the system is completed, instead of giving cash grants to the fuel poor, the government should give them free fuel from the River Severn project instead.
Once complete, the country would save almost £4billion per year at today’s energy prices and, as only £2billion of that money would be needed each year in repayments of a £15billion loan needed to build the system, the government could effectively end fuel poverty and save £2billion each and every year.
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