UK’s energy strategy may take years to bring down bills, says Kwarteng
Boris Johnson’s new energy strategy could take up to five years to start shaving money off people’s bills, the business secretary has admitted, as the prime minister announced a drastic expansion of nuclear reactors.
Kwasi Kwarteng said the plan for cutting reliance on imported energy in the wake of spiralling prices caused in part by Russia’s invasion of Ukraine was more of a medium-term way to ramp up homegrown energy production.
Johnson declared that the long-delayed energy security strategy meant “nuclear is coming home” – but the review declined to set targets for onshore wind and committed to continuing the exploitation of North Sea oil and gas.
Days after 22 million people were hit by the energy price cap rising by 54%, Kwarteng suggested it would be years until the benefits of the strategy would be felt by consumers.
“The strategy is more of a medium-term three, four, five-year answer,” the business secretary told Sky News.
“I think it’s really important that we get an energy strategy that means we can have more security and independence in the years ahead.
“We want to have security of supply, we want to live in a world where we’re not dependent on what Russian policy is, but we have more control over energy sources here in Britain.”
The cost of offshore wind had decreased enormously in the past 10 years, Kwarteng said, adding: “Some of these benefits can happen quite quickly. But we need to start the planning process and the strategy now. And that’s what this security strategy is all about.”
The chancellor, Rishi Sunak, attempted to intervene in the cost of living crisis at the end of March, but was accused of not doing enough to help struggling households expected to face the biggest fall in living standards since
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