Building on the government’s Industrial Strategy Green Paper, Professor Dieter Helm CBE was asked in August to consider the whole electricity supply chain of generation, transmission, distribution and supply.

In the review, Professor Helm CBE puts forward proposals on how to reduce costs in the power system in the long-term whilst ensuring the UK meets its climate change targets.

The report follows the plan set out in July by government and Ofgem to upgrade the country’s network to a smarter energy system, and the publication of draft legislation on an energy price cap to keep families’ energy bills as low as possible.

Views of industry, businesses, academics and consumer groups on Professor Helm’s review will now be sought.

Business and energy secretary Greg Clark said: “Homes and business depend upon reliable, affordable power and the government is ambitious in its plans to keep costs as low as possible for them over the coming decades.

“We are already taking significant steps to upgrade our energy infrastructure as part of the Industrial Strategy and have published draft legislation to cap poor value energy tariffs helping millions of consumers across Britain.

“I am grateful to Professor Helm for his forensic examination. We will now carefully consider his findings.”

Scottish Renewables said the report marks an important contribution to the UK’s energy conversation.

Jenny Hogan, deputy chief executive of Scottish Renewables, said: “This report is an important contribution to the ongoing discussion on the long-term future of our energy system, and our industry will play its full part in this conversation while the UK government seeks views on the report’s conclusions.

“We welcome the report’s recognition of the rapidly falling cost of renewables and its aim to find a way to meet carbon targets and deliver security of supply at lowest cost.

“Government’s own figures show that the cheapest forms of new power generation are onshore wind and solar PV, with the costs of other technologies like offshore wind falling rapidly, so it’s crucial that all forms of renewable energy have a viable route to supplying power to consumers, and that the cheapest technologies are not blocked from competing in auctions for power contracts.

“We now look forward to working with government on achieving the goals set out in the Clean Growth Strategy, and with industry to ensure that the cost reductions happening across the sector can continue apace.”