Energy Security Bill “a missed opportunity” to reform failed policy, says IEA analyst
10 May 2022
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Commenting on the Energy Security Bill announced in the Queen’s Speech today, Andy Mayer, Energy Analyst at free market think tank the Institute of Economic Affairs, said:
“In extending the energy price cap and picking winners in supply the government is committing to higher energy prices for years to come.“The cap temporarily suppresses headline prices, but not underlying costs. For that you need competition, not Soviet-style technology targets.“Affordable decarbonisation requires a low and competitive carbon price, not the delusion of Britain leading the world in tech that can be developed more efficiently elsewhere.“The Bill is a missed opportunity to change course, support economic growth by removing subsidies, and increase the domestic supply of oil and gas.”
ENDS Notes to editorsContact: Emily Carver, Head of Media, 07715 942 731IEA spokespeople are available for interview and further comment.
“In extending the energy price cap and picking winners in supply the government is committing to higher energy prices for years to come.“The cap temporarily suppresses headline prices, but not underlying costs. For that you need competition, not Soviet-style technology targets.“Affordable decarbonisation requires a low and competitive carbon price, not the delusion of Britain leading the world in tech that can be developed more efficiently elsewhere.“The Bill is a missed opportunity to change course, support economic growth by removing subsidies, and increase the domestic supply of oil and gas.”
ENDS Notes to editorsContact: Emily Carver, Head of Media, 07715 942 731IEA spokespeople are available for interview and further comment.
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