Commenting ahead of tomorrow’s (April 1) energy price cap rise, Andy Mayer, energy analyst at free market think tank the Institute of Economic Affairs, said:

“The price cap and the government’s ideological Net Zero agenda have caused a collapse in investment in domestic supply, leaving us ill-prepared to deal with the global gas crisis.

“The government deliberately discouraged investment in the North Sea and maintained the moratorium on fracking, presumably to avoid awkward headlines at the Glasgow COP Summit.

“Ministers and green groups have deliberately misled the public about ‘cheap British renewables’, nearly all of which receive the wholesale price plus a premium from the policy regime still in place.  

“Temporary price controls were imposed to delay the impact on the public. Instead, they destroyed 26 small companies, and resulted in a £1bn bailout of another, ensuring higher prices for longer in future.

“The language has now shifted. Security, affordability and the North Sea are important again. But, there is little serious action.

“The government needs to stop dithering, relax planning, start drilling, and get building on the dividends.”

ENDS

Notes to editors

Contact: Emily Carver, Head of Media, 07715 942 731

IEA spokespeople are available for interview and further comment