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The Low Carbon Economy Ltd

28 Apr 2011 10:04:01

Inaccurate CRC reports 'could add 5 to 10% to energy bills'

Inaccurate CRC reports 'could add 5 to 10% to energy bills'
Businesses which fail to submit their Carbon Reduction Commitment (CRC) report right the first time could face serious financial consequences.

According to new analysis produced by PwC, companies could add between five and 11 percent to their energy bills if there are inaccuracies in their report, even if it is submitted by the July 31st deadline.

The organisations covered under the CRC are thought to account for ten percent of the UK's CO2 emissions.

Fines of up to £40 per tonne can be levied on companies which either over or under report their emissions.

Therefore, a business which spends £20 million on energy each year could receive a £1 million fine for a 20 percent mistake.

A fine of £5,000 will also be given to companies which submit their report past the deadline, followed by an additional £500 each for each day it is late.

Henry Le Fleming, carbon reporting specialist at PwC, said, however, that many companies are unprepared for the process of collecting the data, having not "stress tested their processes, systems and controls".

He added that firm with a large number of sites could find the process particularly difficult, although he said it is not yet clear how strictly enforced financial penalties will be.  ADNFCR-1235-ID-800514439-ADNFCR

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