We built the world’s first offshore wind market and pioneered innovations such as carbon capture and hydrogen storage. As a result, we’ve created thousands of good jobs in communities across the country — not just the usual urban centers — while shielding ourselves from the worst effects of Putin’s weaponization of energy.
For example, one of the reasons wholesale prices have fallen recently is the abundance of wind power coming online. If we avoid supply shortages this winter, we’ll likely have wind power to thank.
This progress was supported by strong policy frameworks that gave investors confidence that targets would not be misplaced, making investments less risky and therefore cheaper to finance.
But now the world is trying to catch up. In the United States, the recent $1 trillion Infrastructure Act puts a strong emphasis on power infrastructure, and the Biden administration has set ambitious goals to build 120,000 wind turbines and install 950 m of solar panels.
In the EU, the war in Ukraine and its impact has accelerated the demand for more sustainable local energy. And while the bloc has introduced a revenue cap on revenues from renewable technologies, it has been set at a level – €180 per megawatt hour – that will strike a balance between preventing excessive profits and continuing incentives to invest in renewables. renewable technologies needed to wean the continent. Russian gas.
Maintaining British leadership in renewable energies is therefore not certain. Others are following us.
The UK’s revenue cap must be closely aligned with that of the EU or we risk losing our global leadership, with renewables fueling development on the continent rather than supporting UK communities and consumers.
The UK’s commitment to building a future energy system anchored in renewables must remain unquestioned, ensuring this country’s long-term energy security for generations to come.