Tony Blair Institute report on cheaper energy: comment

"The second energy crisis in just a few years has pushed oil and gas prices up to almost record levels. [2]Given this has already impacted household and business bills, and concerns are high as we head into winter, it is no surprise affordability is top of the Government’s agenda ahead of the Budget.
 
"But if the Government wants cheaper bills, Rosebank will not help - as the TBI report recognises - because it's mostly oil that will be sold into international markets at prices we can’t control. It also doesn't look good to a public increasingly concerned about the impacts of climate change seen this year, including rising food prices. The bigger win is building an energy system where families and businesses need less oil and gas in the first place. As North Sea output continues its long-term decline, with around 90% of oil and gas already extracted, Britain's energy security, and lower bills, will be determined less by how much fossil fuel we can extract and more by how quickly we can electrify.
 
"The good news is that the shift to electrification is already underway. Demand for EVs continues to grow, heat pump installations are rising, and solar is more popular than ever - the public see net zero technologies like this as a way to take back control of their energy and stabilise bills. However, uncertainty around the Zero Emission Vehicle Mandate and heat pump schemes, with roll back rumours swirling around the budget, could mean a drop in industry investment and consumer confidence.”