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Energy Update

06 July 2022

Proposing MP
Kwasi Kwarteng Con
Spelthorne
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
View on Parliament.uk -->

At a Glance

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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