Energy

Securing Britain’s Energy supplies

Britain is fast moving from a country which is self sufficient in its energy supplies to one which will increasingly rely on foreign imports. It is essential that the UK Government seeks out ways to better manage this transition and also to put a priority on technologies that will allow the UK to produce its own energy such as nuclear power and renewables.

Nuclear power is a safe a secure option for the UK which, unlike coal and gas, does not produce any harmful greenhouse gases. The BCC believes that it is important that the Government includes nuclear as an option in its capacity to provide the UK with electricity.

We are also keen to see the promotion of new technologies in the renewables sector. Although the technology to provide renewable energy is fairly new it has the potential to provide the UK with unlimited and clean energy in the future. Chambers members who are often small start ups pioneering such technologies are perfectly placed to take advantage of the new markets that are fast being created around this exciting sector of the energy industry.

The current fiscal regime that governs the North Sea was designed for a period when oil was relatively easy to get to and in great quantities. As this oil has been depleted it is no longer profitable for the larger multi-nationals to continue drilling. Smaller companies with the technology and expertise to extract oil from small and more difficult oil fields have replaced the larger companies but cannot continue to operate under the old regime which assumes huge quantities of oil extraction. Unless the regulatory and tax regime is altered in favour of current realities the UK could find that its expertise and technology, built up around the North Sea, could fall into rapid decline.

 

For further information, please contact: -

Gareth Elliott
Policy Adviser
g.elliott@britishchambers.org.uk
Direct Line: 020 7654 5810
Mobile: 07834 897 607