An impact assessment for this legislation is being published alongside this response. The monetised benefits are estimated at Ј300 - Ј1100m up to 2050 with a central estimate of Ј700m, primarily derived from reduced electricity system costs. The impact on industry of the legislation is estimated between a Ј10m benefit and Ј260m cost up to 2050, with a central estimate of a Ј130m cost, primarily related to product development costs to meet the requirements. The impact assessment assumes the regulation costs every manufacturer an additional one-off Ј550k to Ј870k and an additional Ј60k to Ј110k each year (i.e.
all CP manufacturers incur the full cost of compliance.) We believe that this is a very conservative approach, since the total cost to the manufacturer will depend on the extent to which it already meets the requirements set out in our regulations, and a large proportion of manufacturers already produce smart chargepoints. The potential costs to industry are significantly outweighed by the benefits to the energy system and consumers, and the legislation has a Net Present Value of up to Ј1100m by 2050, with a central estimate of Ј500m. 8 8 All monetary figures are in 2012 values and discounted at 3.5%. 24