# Balancing Britain’s energy security options as prices rise Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-03-18 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: UK Energy Security Plan Revealed: North Sea Oil, Fracking, Meta Description: Discover how Britain plans to increase North Sea oil and gas production, consider lifting the fracking ban, develop nuclear projects, and boost renewable energy URL: https://financedigest.com/balancing-britains-energy-security-options-as-prices-risehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-03-18t164041z3lynxnpei2h0sprtroptp4britain-energy-1736815955235-compressed.jpg) By Susanna Twidale LONDON (Reuters) -Britain is expected to publish its plan next week on how to boost domestic energy supplies to try to tackle spiralling prices and reduce the amount of imported oil and gas from Russia after its invasion of Ukraine. The government has said all options are on the table. The following are some of those [investors and consumers](https://www.financedigest.com/investors-warn-big-consumer-firms-over-price-hikes-as-competitors-gain.html "Investors warn big consumer firms over price hikes as competitors gain") can expect. [NORTH SEA](https://www.financedigest.com/offshore-crews-to-strike-on-bps-north-sea-installations-says-unite.html "Offshore crews to strike on BP’s North Sea installations, says Unite") OIL AND GAS The British government has in recent weeks urged North Sea producers to ramp up oil and gas output as [Europe tries to reduce its reliance on energy](https://www.financedigest.com/europes-energy-crisis-and-the-nuclear-path-out.html "Europe’s energy crisis and the nuclear path out") from Russia. Shell has released an amended [plan for the development of a major North Sea gas field which British regulators initially rejected last year](https://www.financedigest.com/3-factors-to-plan-for-in-2017-a-year-like-none-other.html "3 Factors to Plan for in 2017, A Year Like None Other"). British [Prime Minister](https://www.financedigest.com/britains-queen-elizabeth-will-appoint-new-prime-minister-at-balmoral.html "Britain’s Queen Elizabeth will appoint new prime minister at Balmoral") Boris Johnson this week met with major oil and gas company representatives. One [industry source](https://www.financedigest.com/german-new-passenger-car-registrations-up-3-in-august-industry-source.html "German new passenger car registrations up 3% in August – industry source") with knowledge of the meeting said that as well as helping revive shelved projects, the government raised the possibility of a round of new oil and gas licenses this year. It could take 5-10 years before new sites would produce [oil or gas](https://www.financedigest.com/oil-gas-downhole-cables-market-to-witness-widespread-expansion-during-2019-2027.html "Oil & Gas Downhole Cables Market to Witness Widespread Expansion During 2019-2027"). FRACKING Lawmakers led by Conservative Steve Baker have called on the government to lift a moratorium on fracking, [saying more domestic gas production could help alleviate high prices](https://www.financedigest.com/buy-off-plan-to-beat-stalling-house-prices-and-falling-rental-yields-says-jean-liggett.html "“Buy off-plan to beat stalling house prices and falling rental yields” says Jean Liggett "). Despite early industry optimism gas fracking, which involves extracting shale gas from rocks by breaking them up with water and chemicals at high pressure, was banned by the government after [Britain’s Oil and Gas Authority said it was not possible to predict the magnitude of earthquakes](https://www.financedigest.com/britain-boosts-aid-for-syria-turkey-after-earthquakes.html "Britain boosts aid for Syria, Turkey after earthquakes") it might trigger. So far the government has said its position has not changed and that it will take precautionary approach and support shale gas exploration if it can be done in a [safe and sustainable way](https://www.financedigest.com/five-ways-to-keep-your-personal-data-safe-from-hackers.html "Five ways to keep your personal data safe from hackers"). [Experts said it is unclear how much fracked gas could be produced since so few wells](https://www.financedigest.com/the-key-to-running-a-successful-wellness-business-according-to-the-experts.html "The Key To Running A Successful Wellness Business, According To The Experts") have been drilled. NUCLEAR Existing nuclear plants provide around 15% of [Britain’s electricity but all but one are scheduled to close](https://www.financedigest.com/greece-britain-discussing-parthenon-sculptures-return-but-deal-not-close-athens-says.html "Greece, Britain discussing Parthenon Sculptures return but deal not close, Athens says") by 2030. The country’s first new nuclear plant in more than two decades, Hinkley Point C, is expected to come online in 2026 and the government has pledged up to 1.7 [billion pounds](https://www.financedigest.com/shell-to-evaluate-25-billion-pound-british-investments-after-windfall-tax.html "Shell to ‘evaluate’ 25 billion pound British investments after windfall tax") towards a new large scale project. High costs associated with large-scale [plants have seen the government look to small modular nuclear](https://www.financedigest.com/e-on-casts-doubt-on-german-plan-to-keep-nuclear-plants-on-standby.html "E.ON casts doubt on German plan to keep nuclear plants on standby") reactors (SMR) which can be made in factories, with parts small enough to be carried on trucks and barges and assembled more quickly and cheaply. Britain last year backed a $546 [million funding round at Rolls Royce to develop](https://www.financedigest.com/mobile-games-developer-huuuge-says-has-24-2-million-at-svb.html "Mobile games developer Huuuge says has .2 million at SVB") its first SMR and could channel more cash to the technology. The first SMR design has only just been submitted to Britain’s [nuclear regulator and any plants](https://www.financedigest.com/uk-gives-go-ahead-for-edfs-sizewell-c-nuclear-plant-construction.html "UK gives go-ahead for EDF’s Sizewell C nuclear plant construction") are unlikely to be operational before the early 2030s. RENEWABLES [Britain has been clear that it sees renewable projects](https://www.financedigest.com/britain-announces-205-million-pound-auction-for-renewable-power-projects.html "Britain announces 205 million pound auction for renewable power projects"), such as wind and solar as a major tool to reducing its reliance on imported fuels and driving down costs for consumers. [Britain is already one of the world’s largest offshore wind generators and it has a target](https://www.financedigest.com/britain-toughens-up-diversity-targets-for-uk-companies.html "Britain toughens up diversity targets for UK companies") of 40 gigawatts (GW) of electricity from it by 2030, up from around 10 GW today. Onshore wind has stalled in recent years and the [industry has called](https://www.financedigest.com/german-industry-calls-for-delay-to-global-minimum-tax-bdi.html "German industry calls for delay to global minimum tax – BDI") for faster regulatory and planning processes. Trade Association Solar [Energy](https://www.financedigest.com/ahold-turns-to-solar-panels-lowers-thermostats-to-save-energy.html "Ahold turns to solar panels, lowers thermostats to save energy") UK has also called for a streamlining of the planning process for new solar projects. COAL [Britain has said it is sticking to a plan](https://www.financedigest.com/britain-plans-new-data-rules-to-ease-compliance-burden.html "Britain plans new data rules to ease compliance burden") to close its coal-fired power stations by 2024. Several companies said they will shut their coal plants by the end of 2022. Media [reports said the government](https://www.financedigest.com/european-governments-spend-half-a-trillion-euros-on-energy-crisis-report.html "European governments spend half a trillion euros on energy crisis – report") has sounded out companies such as EDF on the feasibility of running these plants beyond 2022. An EDF spokesperson said it still expects to close its West Burton A plant in September, reducing staffing and [running down its coal stock](https://www.financedigest.com/stocks-on-worst-run-in-18-months-amid-global-covid-19-surge.html "Stocks on worst run in 18-months amid global COVID-19 surge"). EFFICIENCY Reducing demand for [energy in business](https://www.financedigest.com/schneider-and-greenyellow-target-smaller-businesses-with-energy-saving-technology.html "Schneider and GreenYellow target smaller businesses with energy saving technology") and homes through measures such as better insulation, upgrading inefficient gas boilers or replacing them with heat pumps could provide a more immediate impact, environmental groups and charities have said. They have [called for a cut](https://www.financedigest.com/ford-to-make-call-on-europe-job-cuts-by-mid-feb-as-buyers-circle-german-site.html "Ford to make call on Europe job cuts by mid-Feb as buyers circle German site") to VAT on energy efficiency upgrades and even a public messaging campaign to educate people in how they might be able to use less gas. A report by the Heating and Hot Water Council said [households can save around 6-8% on their gas bills](https://www.financedigest.com/44-of-uk-households-are-worried-theyll-have-to-foot-the-bill-for-net-zero.html "44% of UK Households are Worried They’ll Have to Foot the Bill for Net Zero") by turning down the flow temperature on their condensing boilers. (Reporting by Susanna Twidale; Additional reporting by Shadia Nasralla; Editing by Alexander Smith) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---