economy
Andy Burnham and Labour Won't Admit Real Net Zero Energy Crisis in UK
Who was it that said madness is doing the same thing over and over again and expecting a different result? Because whoever it was had clearly never met the Department for Energy Security and Net Zero. The name alone is a paradox because after two decades, energy insecurity would be the more honest description of what that department has actually delivered. Ofgem confirmed this week that the price cap will rise by 4% on October 1, taking a typical household spend to £1,723 a year.
TL;DR
- The UK's energy price cap is rising by 4% on October 1, increasing typical household annual spend to £1,723.
- Energy consultancy Cornwall Insight forecasts a further 9% increase in January.
- Over £220 billion has been spent on subsidizing renewable electricity since 2002, costing approximately £8,000 per household.
- Household energy debt has reached £6 billion and is projected to touch £7 billion by Christmas.
- £1.5 billion was spent last year paying wind farms to stop generating electricity due to grid capacity issues.
- British manufacturers pay some of the highest electricity prices in the developed world, leading to job losses.
- Norway continues to drill in the Barents Sea and is considering opening up more oil and gas fields.