Regen responds to the Prime Minister’s energy support package.
8 September 2022
Response to the Prime Minister’s energy support package announced today (8 Sept)
The scale and speed of support offered in Truss’ energy package announced today is welcomed and suggests the new Prime Minister understands the urgency of how the crisis is impacting millions of people and businesses across the country.
The Energy Price Guarantee, which has been set at £2,500 for the typical bill-payer for two years, will provide a sigh of relief for many, but getting spiralling costs under control requires investing in long-term, enduring solutions. That means seizing the opportunity of cheap, clean, homegrown renewables.
The move to extend the use of the Contracts for Difference scheme to harness low cost renewable generation is a positive step which Regen and others in the industry have supported, but the important details of how this will be done are yet to be set out.
Lifting the ban on fracking and giving new oil and gas exploration licenses the green light is a retrograde move and will do little to improve the UK’s long-term energy security. There will no doubt be a few fracking developers coming forward, however, the wider energy industry or investors are unlikely to take UK fracking seriously.
The glaring omission from today’s package is any action on home insulation and energy efficiency, yet another failure to recognise one of the simplest ways to reduce costs and provide energy security.
What the UK desperately needs is a national programme to upgrade our leaky housing and commercial building stock, with funding targeted at those who need it most. This would immediately reduce demand and our reliance on international gas, whilst bringing down bills and improving health and living conditions for winters to come.