The Government has made clear its aim to ensure the UK is a net energy exporter by 2040 to ensure that our energy supply is secure, and that we are no longer dependent on the global energy market.
The new Energy Security Strategy outlines how cleaner and more affordable energy will be made in Great Britain to boost our long-term energy independence, security and prosperity. The Strategy sets out how the Government will accelerate the deployment of wind, new nuclear, solar and hydrogen, whilst supporting the production of domestic oil and gas from the North Sea in the nearer term – which could see 95 per cent of electricity by 2030 being low carbon.
The wholesale price of gas and energy has increased in the UK and Europe due to various factors, including an increase in demand as economies across the globe reopened after lockdowns and the illegal invasion of Ukraine by Russia. This has seen a significant increase in all of our energy bills. The Government has been clear that we need to increase the self-reliance of our energy sources, and move away from dependence on Russian gas. Part of this is planned to be through fracking.
In April 2022, the Government commissioned the British Geological Survey to advise on the latest scientific evidence around shale gas extraction. This request was made to assess if any progress has been made in the scientific understanding of fracking, and I am reassured that any exploration or development of shale gas would need to meet rigorous safety and environmental protections both above ground and sub-surface.
Renewable energy is cheaper than gas and therefore one long-term solution is to move in that direction. Although UK renewable capacity is up 500 per cent since 2010, the Government recognises that more must be done, and so is accelerating renewables with annual Contract for Difference auctions. The more cheap, clean power we generate in the UK, the less exposed we will be to global gas markets, and the more certainty we will all have over our power supply and energy bills.
