The Prime Minister will take the lead in steering discussions with energy leaders this week to ensure the security of Britain’s supplies in the face of potential disruptions similar to the Russian invasion of Ukraine.
Ministers are expected to provide important updates on the government’s energy security strategies, including new support for low carbon schemes and carbon capture technologies.
Later today, Rishi Sunak’s visit to Aberdeenshire is anticipated to bring forth fresh funding for the Acorn project, a venture dedicated to capturing carbon dioxide emissions from various sources across the nation for offshore storage in the North Sea.
In a recent trip to SSE’s Peterhead Power Station in Scotland, First Minister Humza Yousaf advocated for the UK Government’s approval of the Acorn carbon capture and storage (CCS) project.
Already, the government has committed to granting new oil and gas licences in the North Sea.
The impact of Russia’s invasion of Ukraine has been unprecedented, leading to record wholesale gas prices and significant market volatility in recent months.
A study by the Energy and Climate Intelligence Unit in February revealed that the average household spent £1,000 on wholesale gas over the past 12 months, £800 more than in a typical year.
When considering the approximately 300TWh of gas consumed in UK homes annually, the total cost amounts to £25 billion since the invasion, a substantial increase compared to the pre-pandemic and gas crisis average of £5 billion.
Energy Security Secretary Grant Shapps said: “Energy security is national security. Since Putin’s illegal invasion of Ukraine the government has driven Russia from our energy market, paid around half of a typical family’s energy bill and grown our economy by driving forward major energy projects.
“This week we will go even further. Forging ahead with critical measures to power up Britain from Britain, including supporting our invaluable oil and gas industry, making the most of our home-grown energy sources and backing British innovation in renewables.”
