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Johnson, Boris

UK Government Urged to Introduce New Energy Bill Amid Crises Caused by High Gas Prices

Strategic Insights

— 2 min read

As the energy crisis deepens due to skyrocketing gas prices, energy suppliers are calling on the UK Government to make the most significant changes to the country's energy laws in a decade. A new energy Bill, to be introduced in the Queen's Speech, is seen as a crucial step towards increasing investment in new technologies such as hydrogen and heat pumps. The bill should also strengthen regulations on energy efficiency in buildings, promoting the use of smart meters, low-carbon heating alternatives, and electric car charging points.

Key Takeaways:

  • Energy UK, an organization representing energy suppliers, is advocating for a new energy Bill to boost investment in clean, green renewables and improve energy efficiency in buildings.
  • The bill should strengthen regulations on energy efficiency in buildings, including the promotion of smart meters, low-carbon heating alternatives, and electric car charging points.
  • Energy companies such as BP and Shell are under pressure to invest in clean energy technologies, with Shell pledging to spend £20-25bn in the UK over the next decade.
  • Prime Minister Boris Johnson has refused to introduce a windfall tax on energy companies' bumper profits, arguing that it is better for them to invest in green technologies.
  • Energy prices have risen sharply in the past year, with the energy price cap increased by 54% in March, and bills likely to rise further in October.
  • Shadow climate change and net zero secretary Ed Miliband has criticized the Government's refusal to levy a windfall tax, saying it is "deeply wrong, unfair, and tells you all you need to know about whose side this Government is on".

Statistics:

  • Energy prices have increased by 54% for the average household in the past year.
  • The energy price cap is likely to be revised again in October, with bills set to rise further.
  • BP's annual profits have more than doubled to $6.2 billion (£5 billion) in the past year.
  • Shell plans to invest £20-25 billion in the UK over the next decade.
  • Energy UK has called for a new energy Bill to boost investment in clean energy technologies and improve energy efficiency in buildings.

Sources:

  • Scotsman.com: "Local elections 2022 results: Scottish Tories fear 'heavy losses coming' as they drop vote share as first councillors announced" (https://www.scotsman.com/news/politics/local-elections-2022-results-scottish-tories-fear-heavy-losses-coming-as-they-drop-vote-share-as-first-councillors-announced-3683009)
  • Scotsman.com: "Local elections results LIVE: Labour wins Inverclyde as Alba ousted by SNP | Scottish Conservatives dropping seats across country" (https://www.scotsman.com/news/people/local-elections-results-live-labour-wins-inverclyde-as-alba-ousted-by-snp-scottish-conservatives-dropping-seats-across-country-3682665)

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