Energy Security Strategy: Grant Thornton reaction

Commenting on the government’s Energy Security Strategy published today, Alasdair Grainger, Net Zero Director, Grant Thornton UK LLP, said:

“While today’s Strategy does include some new announcements and policies, all are being funded from existing budgets from the 2021 Spending Review and not much will help to reduce bills for consumers this year.

“Improving energy efficiency is the only part of the energy system which can reduce bills overnight, and there's very little new in this area announced in the Strategy.

“The proposed simplification of planning processes around solar power could lead to a lot of fresh deployment, not just on rooftops but also in gardens and outbuildings. There’s likely to be significant demand from those who can cover the cost, with the reduction in VAT announced at the Spring Statement also likely to help, as the business case for home-based generation has significantly improved this week.

“In time, the Strategy will increase UK based generation from a range of sources, and this will in turn reduce demand for oil and gas from overseas. In the meantime though, consumers and businesses are still facing the highest energy bills on record.”