The tax will impose a £16 (almost $26) floor on every ton of CO2 emitted by British industry, rising to £30 (about $48) a ton in 2020 and £70 (about $112) a ton by 2030…

With the £16 floor, this amount of CO2 would cost £3.5 billion ($5.6 billion), or a 20 percent increase on electricity bills, on top of the total current wholesale electricity cost.

As a result, five of the largest coal-fired plants will shut down by next March.

These five coal-fired plants were capable of supplying a fifth of power needs.