Britain’s government outlined plans on Tuesday (21 April) to reduce household energy bills by encouraging wind and solar producers to adopt long-term fixed contracts.
The initiative aims to sever the link between volatile gas prices and electricity costs in the world’s fifth-largest economy, where the two have historically been closely tied.
The UK’s centre-left government hopes voluntary long-term contracts with renewable suppliers will eventually cover around a third of the nation’s power supply.
Officials said Britain had moved from gas setting electricity prices around 90% of the time in the early 2020s to roughly 60% today.
UK domestic energy prices are forecast to rise by more than 10% from July, as the regulator implements its quarterly price cap adjustment. Wholesale gas costs are currently about 30% higher than before the Middle East conflict began at the end of February.
The increase in electricity costs threatens the Labour-led government’s pledge to lower energy bills, at a time when the party is trailing in second or third place in most opinion polls.
"As we face the second fossil fuel shock in less than five years, the lesson for our country is clear: the era of fossil fuel security is over, and the era of clean energy security must come of age," Energy Secretary Ed Miliband said.
excess profits from wind and solar generators when electricity prices surge — to 55% from 45%.
The government also plans to overhaul planning and land-use rules to accelerate grid connections and infrastructure upgrades. It aims to make it easier for renters and flat-dwellers to install EV chargers, solar panels and heat pumps.
Opening up public land for renewable energy projects - including brownfield, industrial and railway sites - could allow for up to 10 gigawatts of new capacity, according to the government’s plans.
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Iran's Revolutionary Guards Navy said a Togo-flagged oil tanker was struck while attempting to make an “illegal passage” through the Strait of Hormuz, Iranian state media said early on Friday.
Saudi civil defence sent an all-clear on Saturday after issuing alerts for a second time for potential danger in Riyadh and the city of Al-Kharj east of the capital, amid an uptick in attacks by Iran-aligned Houthis on the Gulf country.
The European Union will disburse €3.3 billion ($3.8 billion) to Ukraine for missiles and drones, European Commission President Ursula von der Leyen said after a phone call with Ukrainian President Volodymyr Zelenskyy.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Houthi attacks target Riyadh amid concerns over Saudi oil supplies, as Iran says it will not reopen the Strait of Hormuz until its conditions are met and U.S. commitments are implemented, parliament speaker Mohammad Bagher Ghalibaf said on Sunday.
German voters cast ballots on Sunday in two state elections that could add to the political pressure on Chancellor Friedrich Merz, as his government faces growing public frustration and a resurgent far right.
Iraq has returned restricted airspace across the western part of the country to civilian authorities, ending limits imposed for military operations against Islamic State since 2016, the Transport Ministry said.
Denmark and Greenland have moved to reassure the public that their sovereignty will remain intact under a new security agreement with the United States.
World leaders are set to gather at the United Nations General Assembly in New York for several days of high-level debate, with Iran, Ukraine, artificial intelligence (AI) and a range of global crises expected to dominate discussions this week.
Ed Sheeran has broken his silence on the controversy surrounding his U.S. tour, apologising for decisions made after rapper Macklemore was removed from the line-up over his public support for Palestine.
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