UK 'hasn't invested enough' in domestic energy says Johnson

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Prime Minister Boris Johnson’s Government will roll out a host of proposed laws that could affect millions of Britons, along with making a bonfire of EU legislation that the UK no longer needs after Brexit. The speech will reportedly include laws to boost the UK Government’s energy security, which will likely bring many aspects of the UK’s Energy Security Strategy into law.

While it’s unclear what the new law will contain, the new energy strategy, published last month, sets out how the UK will accelerate the deployment of wind, new nuclear, solar and hydrogen, whilst supporting the production of domestic oil and gas in the nearer term.

The Government claims this plan will result in 95 percent of electricity by 2030 being produced from low-carbon sources.

Aside from reducing the UK’s reliance on foreign, particularly Russian, energy imports and helping to achieve the country’s net zero goals, the plans could also turn the UK into an energy exporter to the EU.

Energy Minister Greg Hands told “Our landmark British Energy Security Strategy backs every viable technology to ensure we generate low or lower emission power here in the UK to boost our energy security.

“Our plans bolster support for North Sea oil and gas, build on our world-leading renewables sector and exploit the benefits we can get from nuclear power.

“Taken together, this will put us in a prime position not only to increase our home-grown supply but to export energy to Europe and beyond as well.”

Describing the UK as the “Saudi Arabia of wind”, the Prime Minister laid down his ambitions in the April Strategy, with plans “to deliver up to 50GW by 2030, including up to 5GW of innovative floating wind”.

The UK is a world leader in offshore wind, accounting for about half the UK’s current electricity generation capacity.

The country is already rapidly expanding its capabilities to harness wind energy, rising from 951 megawatts in 2009 to 10.5GW in 2021.

According to RenewableUK, Britain has enjoyed an impressive 60 percent increase in offshore wind projects in the last year alone.

The Queen’s Speech will include post-Brexit reforms that will scrap many EU laws.

This will reportedly include proposals to unlock more than £10billion of UK investment through a post-Brexit overhaul of the insurance industry.

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It will allow insurance companies to invest in long-term growth projects such as renewable energy, which are banned under EU rules brought in after the 2008 financial crisis.

Tackling the UK’s energy security is particularly vital for the Government, as the rise in wholesale gas prices has driven high inflation rates and played a major role in the cost of living crisis that is gripping the country.

A month after Ofgem raised the energy price cap to £1,971 a year, experts have warned that the energy regulator is set to increase it again, to an eye £2,900 this winter.

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