Responding to a new report from the Climate Change Committee on the cost of Net Zero compared to the impact of a fossil fuel price spike on the UK economy, Dhara Vyas, Chief Executive of Energy UK, said:
“It is still too early to tell how the current situation will feed through to energy bills in the UK for the majority of customers and we very much hope that we’re going to avoid a repeat of the record price spikes the UK experienced after the invasion of Ukraine. But it is another sharp reminder of our vulnerability to geopolitical developments.
“That this is happening so soon after the last crisis demonstrates the importance of reducing our reliance on gas and fast-tracking our journey to become a country – and an economy – powered by our own sources of clean electricity.
“It was not so long ago that the Government spent over £40 billion to support households and businesses with energy bills that would otherwise have reached unprecedented levels. To avoid this happening again, delivering on the promise of the energy transition is essential. Increasing our own clean power technologies is the only credible route to long‑term energy security in an increasingly unstable world – and the only path to stable, predictable bills in the decades to come.
“Energy powers our homes, our businesses, and our economy. It is therefore essential that we invest in generation and the supporting infrastructure and any true assessment of the costs around Net Zero must acknowledge that such investment will be required whatever the shape of the future energy system.”