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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Overnight Iranian strikes on an air base in Jordan damaged multiple U.S. aircraft and left one without a wing, American media reported. Meanwhile, explosions were heard across parts of southern Iran according to local media reports.
Iranian President Masoud Pezeshkian arrived in New Delhi on Friday to attend the weekend BRICS summit, amid the ongoing U.S.-Iran conflict, joining a host of foreign dignitaries.
Ukrainian forces struck a Russian oil refinery in Siberia and a seaport in Dagestan in the past 24 hours, President Volodymyr Zelenskyy said. He will meet Canadian Prime Minister Mark Carney on Thursday to discuss air defences for Ukraine over winter.
Mexico and the U.S. are racing to secure a trade deal before the U.S. midterm elections in less than eight weeks, according to six sources familiar with the talks, with failed negotiations between Washington and Canada adding urgency.
A Russian strike on a gas station in Kyiv has killed two people, the city's Mayor Vitali Klitschko said in a statement on Telegram. In Russia, online marketplace Ozon has suspended operations in Saratov, southwestern Russia, following a drone strike on a warehouse in the region.
Saudi Arabia has temporarily shut down its 1,200-kilometre East-West oil pipeline after it was hit by a drone attack, with Riyadh and Baghdad saying the strike originated from Iraq.
Russia's Defence Ministry said its forces struck two cargo vessels overnight in the Ukrainian Black Sea port of Chornomorsk, the Interfax news agency reported on Saturday.
U.S. President Donald Trump said on Saturday he would “love” to see British-run Northern Ireland unify with Ireland, remarks made during a visit to Dublin that drew a sharp response from pro-British unionists in Northern Ireland.
BRICS leaders have called for maximum restraint over the war in the Middle East, warning against actions that could further worsen tensions as the United States and Iran resume strikes against each other.
Dubai’s property market has spent years climbing. Now, for the first time since 2021, prices are moving in the opposite direction.
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