Consumers will be better protected from fluctuating gas prices as wind and solar provide more energy, the business secretary said today.
Kwasi Kwarteng said a shift away from what he called “volatile fossil fuels” would “turbocharge” the use of renewables and hydrogen.
Speaking to the Energy UK conference, he said:
“this great uncertainty in the market shows exactly why we need to vigorously pursue our climate goals and to strengthen energy security – while, above all, protecting consumers and the planet.”
Mr Kwarteng said the prime minister’s pledge earlier this week to decarbonise the UK’s electricity system by 2035 was “a key, fundamental, milestone on the journey towards net zero”.
“That will create a much more robust system, one where we’re less at the mercy of global price fluctuations. It’s an exciting vision, not only economically, but also with dealing with the climate crisis.”
“[for the first time] we will not be reliant on hydrocarbons. Instead our homes and businesses will be powered by clean and affordable electricity here in the UK.
“Relying on homegrown power generation will protect consumers from gas price fluctuations. And it will in the long run bring down bills.
“We’ll use the wealth of Britain’s natural resources to generate cleaner and cheaper power while creating thousands of new high-skilled jobs across the UK.”
As well as wind and solar, Mr Kwarteng said gas with carbon capture, usage and storage and nuclear would be part of the mix.
“the volatility of the gas price has shown that we do need to plan strategically, and I think Net Zero helps us do that, for a secure, affordable, and sustainable energy system.”
A Net Zero Strategy would be published “in the next few weeks”, he said.