UK Price Freeze Lacks Energy Saving Plan

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  • The UK energy price cap could cost £150 billion over two years, paid for by government borrowing instead of windfall taxes.
  • London is also promoting more oil and gas exploration plus onshore fracking, with less support for cheap renewables.
  • Policy measures only deal with the supply side, with energy reduction and efficiency measures largely missing.

The UK government has embarked on an energy pathway that differs from EU plans to tackle the energy price crisis. Where Brussels favors targeted energy saving, windfall taxes or solidarity payments taken from utilities and oil and gas companies, and potentially price caps on gas imports, the UK's new government does not. The only common ground is a desire to help struggling utilities with their collateral commitments in derivatives markets.

Policy and Regulation, Low-Carbon Policy, Shale, Offshore Oil and Gas
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