The government has published its long-awaited Energy Security Strategy.
The government has set a goal of 95% low carbon electricity by the end of the decade.
What does Energy Security Strategy include?
- A new government body will be formed immediately to help deliver 24GW of nuclear capacity by 2050.
- The government has the ambition to expand offshore wind to 50GW by 2030 – this capacity is predicted to be able to power every home in the UK. Of this capacity, up to 5GW could come from floating offshore wind.
- New oil and gas projects will move forward through a new licensing round expected to launch in the Autumn.
- Consultation with communities that are interested in hosting new onshore wind infrastructure.
- A scheme to boost domestic heat pump production, the £30 million ‘Heat Pump Investment Accelerator Competition’.
The government also aims for a fivefold boost to the current 14GW of solar capacity.
It will also look to double its ambition to up to 10GW of low carbon hydrogen production by 2030.
Prime Minister Boris Johnson said: “We’re setting out bold plans to scale up and accelerate affordable, clean and secure energy made in Britain, for Britain – from new nuclear to offshore wind – in the decade ahead.
“This will reduce our dependence on power sources exposed to volatile international prices we cannot control, so we can enjoy greater energy self-sufficiency with cheaper bills.”
Business and Energy Secretary Kwasi Kwarteng said: “The simple truth is that the more cheap, clean power we generate within our borders, the less exposed we will be to eye-watering fossil fuel prices set by global markets we can’t control.
“Scaling up cheap renewables and new nuclear, while maximising North Sea production, is the best and only way to ensure our energy independence over the coming years.”