MOST FUND managers believe fracking will lower energy bills and transform the global power market, according to a survey out yesterday.
Hydraulic fracturing, which uses high-pressure water to extract shale gas that cannot be reached using traditional tools, has come under fire after it caused small tremors in Blackpool in 2011. The method is currently being used at a handful of sites in Britain, but the coalition has offered fresh tax breaks to speed up investment in fracking projects.
Forty-eight per cent of the 200 fund managers polled by Capital Spreads think shale gas will slightly lower the cost of energy, while 11 per cent think it will cut bills significantly. Five per cent believe the cost will rise.