The Impact of Energy Security
From 2020 to 2022, international gas prices surged by 400%. This led to a 235% rise in household electricity bills. In other words, every £1 rise in international gas prices led to a 58p rise in the electricity bills paid by British families.
In this energy secure future, Britain’s exposure to international gas prices would fall dramatically. In fact, gas would generate only 5% of electricity in the UK. If international gas prices were to spike by 400% again, electricity bills would only rise by 20% not 235%. Assuming that electricity bills fell to 2019 levels, this would mean another historic rise in gas prices would only lead to a £10 per month increase in electricity bills for the average household. In effect, a shift to clean would generate a £1,400 annual bill saving.
Delivering on the policies within the Powerbook would mean that the UK was no longer reliant on imports for electricity. Currently, Britain imports 22% of its electricity. Under the Powerbook’s plan, Britain would export 11% of its electricity. In short, Britain would go from being a net importer to being a net exporter.
Offshore Wind by 2030
Onshore Wind by 2030
Solar by 2030