Commons Sense

House of Commons · Written Ministerial Statement

Energy Update

06 July 2022 · Department for Business, Energy and Industrial Strategy

Proposed by Kwasi Kwarteng Con Spelthorne

EnergyUkraine

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The UK faces high wholesale gas prices due to global demand increases and geopolitical tensions.
  • The Energy Security Bill is proposed to reduce fossil fuel imports and boost clean technology investment.
  • The bill aims to secure 100 billion in private sector investment and create around 480,000 clean jobs by 2030.

Issue summary

The statement addresses the current high levels of wholesale gas prices due to increased global demand post-Covid-19 and Russia's invasion of Ukraine.

Action requested

The minister announces the introduction of a landmark Energy Security Bill to transform the UK’s energy system, reduce dependency on imported fossil fuels, and catalyse investment in clean technologies. The bill aims to secure £100 billion of private sector investment by 2030 and support around 480,000 clean jobs.

Key facts

  • Wholesale gas prices have reached historically high levels.
  • The Energy Security Bill will deliver a cleaner, more affordable, and more secure energy system for the long term.
  • The bill aims to drive an unprecedented £100 billion of private sector investment by 2030 into new British industries.
  • The bill is expected to support around 480,000 clean jobs by the end of the decade.
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