The high energy prices seen in the UK are the result of its dependence on expensive gas. But there is no single reason that explains this record-breaking spike in gas prices. Rather, it is due to a perfect storm of multiple overlapping dynamics affecting global gas markets. These factors combine to affect the prices that consumers in the UK pay for gas not necessarily because of a direct dependence, but rather due to the UK’s connection to international gas markets.
This briefing “Resolving the energy price crisis: Why the UK’s future resilience lies in the acceleration of clean energy” has been authored by Euan Graham of E3G. It clarifies how international dynamics in the global gas market have resulted in record-high energy prices for consumers this year, and why increasing domestic supply of fossil gas is far from the simple fix to this problem that is pushed by some. As a result, the long-term solutions to the energy price crisis lie in reducing the UK’s demand for gas through the scale-up of energy efficiency programmes and clean energy investment.
Download the briefing here