Producing our own energy will protect us into the future...
VLADIMIR Putin may be able to manipulate the price of oil and gas. But he can’t touch energy produced by the sun that warms our green and pleasant land, the wind that blasts across our shores, or a new nuclear power plant.
For 10 years, we’ve been increasing the amount of clean energy generated in the UK, while costs have tumbled.
But with record gas prices driven by surging demand as the world bounces back from Covid – exacerbated by the war in Ukraine – it’s clear we need to accelerate cheap renewables.
The British Energy Security Strategy, which I published last week alongside the Prime Minister, sets out our long-term plan to take back control of our energy independence.
We’re going to ramp up cheap renewables that have collapsed in price, bet big on new nuclear, while maximising domestic production of gas in the North Sea.
We’ll go further on offshore wind, cutting planning red tape to get new projects approved more quickly.
But there will be days when the sun isn’t shining or wind isn’t blowing – so we need a reliable baseload to underpin this.
After 30 years of neglect, we’re powering ahead with nuclear – both large-scale and innovative small modular reactors.
To meet our new 24GW target for 2050, we’re going to progress to eight more reactors.
Through a new body, Great British Nuclear, we are going to identify sites and accelerate delivery.
And thanks to our recently passed Nuclear Act, we are going to establish a funding model to reduce our reliance on foreign developers for finance. All while cutting the cost of each large-scale station by £30billion over its lifetime.
Large-scale nuclear is not a quick fix but a vital, long-term investment in our future.
So while we’re accelerating nuclear and renewables, we are also realistic about our current energy needs.
Those calling for an immediate end to domestic oil and gas production have zero idea what they’re talking about.
Switching off our North Sea, as some fringe eco groups are demanding, simply increases foreign imports.
Shutting down this vital British industry doesn’t reduce demand and we’ll need oil and gas for decades to come.
So we are launching another oil and gas licensing round to protect British jobs and security of supply. More UK gas production won’t lower the price anytime soon but I’d much rather we source more of our gas domestically, which has a lower carbon footprint, than importing from abroad.
But I also want to be frank with people: this is our long-term plan to boost energy security. Nuclear power stations take a decade to build.thousands of wind farms in the North Sea won’t happen next week.
However, there is immediate support on its way.this month the Chancellor’s £150 council tax rebate will start hitting bank accounts, with a further £200 towards energy bills to come later this year – as part of his £9.1billion package of support.
And our energy price cap – though higher now – is still insulating consumers from even higher global gas prices.
Our plan will supercharge clean and cheap energy, while supporting the production of domestic oil and gas.this will protect our national security, create jobs in new industries, and drive down bills.
Putin is exploiting his country’s natural resources to manipulate other nations.we need to harness our own rich wealth of natural resources to protect ourselves from his malign influence. Switching to cheap, domestically generated power is a win-win for everyone – apart from Putin who wants thewest hooked up to a gas market that he controls.