THE UK Government’s energy security strategy has been published. At its heart is an ambition to ‘boost long-term energy independence, security and prosperity’ for Great Britain, moving away from reliance on volatile international markets.
The strategy identifies nuclear, hydrogen, offshore wind, solar and continued oil and gas licencing in UK waters as the means through which Government believes security, independence and sustainability of the UK’s energy supply can be achieved. It sets out the following ambitions/targets:
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- Nuclear to generate 24GW by 2050, fulfilling 25% of projected electricity demand.
- Offshore wind to generate 50GW by 2030.
- Increase UK’s current 14GW of solar capacity.
- Up to 10GW of low carbon hydrogen production capacity by 2030, with at least half coming from green hydrogen.
Responding to the publication of the strategy, the CEO of Neptune Energy, Pete Jones, has commented:
“The Government’s energy security strategy sends a clear message to investors that the UK is re-open for business.”
“By recognising the inter-related importance of North Sea production, renewables, nuclear and energy efficiency, the strategy will help bring forward the investment needed to maximise the UK’s gas and oil reserves, reduce emissions and increase the sector’s contribution to achieving net zero.”
“Neptune has an important role to play. In the short term, we are looking to increase production from our Duva field in Norway, which would supply enough gas to heat an additional 350,000 UK homes. We can supply even more if the Government simply and quickly alters gas entry specifications to enable more gas to flow from our Cygnus field in the UK.”
“Early next year, we will bring online new energy supply from our Seagull field in the UK. And, together with our partners, we will invest £100m in an appraisal well at the Isabella discovery in the UK’s Central North Sea.”
“In line with our aim to store more carbon than is emitted by our operations and from the gas and oil we sell by 2030, we will also accelerate the development of carbon capture storage and hydrogen production.”
