John Hutton Says Era of Cheap Energy Is Over, Telegraph Reports

By Jonathan Browning

Aug. 28 (Bloomberg) -- John Hutton, the U.K. Business Secretary, said the era of cheap energy is over, the Daily Telegraph reported, citing an interview with the cabinet minister.

Lawmakers should not do anything that could increase energy bills, Hutton said, which may effectively rule out a windfall tax on utility companies, according to the newspaper.

The U.K. government should encourage investment in nuclear and renewable energy, Hutton told the Telegraph. The U.K. needs more than 100 billion pounds ($184 billion) in energy investment over the next 10 years, he said.

Hutton expects Electricite de France SA to conclude a deal with British Energy Group Plc within two weeks, according to the newspaper.

To contact the reporter on this story: Jonathan Browning in London jbrowning9@bloomberg.net