A new energy security bill is coming into government according to Kwasi Kwarteng that will help Britain phase into energy independence and could conceal consumers from high prices in the future.
In the bill there will be 26 measures that will ensure that we are not held hostage to volatile markets by other countries. This will also allow the UK to accelerate their plans to create a clean and affordable energy system.
Due Russia’s war with Ukraine global energy prices have been rising since the beginning of the year and are only starting to get worse now that Russia is reducing supplies to the rest of the world even more. This means that it is a crucial time for the UK to shift away from our reliance on foreign pipelines for our energy usage when there is a possibility of cheaper domestic alternatives.
The Energy Secretary has stated that this bill will protect consumers from high prices and reindustrialise our economy. However, this is based on the government’s ability to get investment and gather global market share for new technologies to make this plan actionable.
This bill will not only reduce the price of fossil fuels for consumers but should also accelerate the UKs decarbonisation targets by enabling us to deploy home grown renewable technologies at a much bigger scale.
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