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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