87% of Britons express concerns over energy bill affordability
Almost 87% of Britons have expressed their concerns about the UK’s reliance at getting its gas from abroad, according to a new survey from Hanbury Strategy and Stack Data Strategy.
Feeling the pressures of the energy price crisis and big increases to consumers bills, worries over the affordability of gas and electricity has taken center stage among 89% of Britons.
The pole amongst 1550 adults suggested that 87% of Brits has expressed apprehension and concerns about the UK’s reliance on energy sourced from Overseas, born from supply issues faced since Russia turned the tap off to Europe just after they invaded Ukraine.
Interestingly 42% of the people surveyed would favour the construction of a nuclear power plant, contrasting to 26% that expressed an objection. Nuclear electricity generation would obviously allow the UK to be less reliant on overseas supply.
Although the UK will never be without gas from overseas, it is clear that we are too reliant currently and with very low LNG gas storage capability in the UK, we are an island that needs gas to be consistently piped to our shores every day from places like Norway. Wind is too inconsistent and we have little hydro and solar capability.
Nuclear seems the best long term option although it is “very long term” as it takes years to build a new nuclear power plant and it comes with a significant cost. The Nuclear power plant currently being built at Hinkley Point in Somerset is a joint venture between EDF Energy, Centrica and the UK Government.
The latest forecast is that the new Hinkley Point C Nuclear Power plant will start generating electricity in 2027.
Although it takes years to build and has a significant price take, as soon as the plant is commissioned, it produces a significant amount of electricity and cheaply. They last for 20-30 years and importantly mean that the UK is being more self sufficient and more in control.
35% of electricity in the UK currently uses gas as its primary source for generation. Gas for power generation is our achilles heal and with little LNG storage capability, we cant buy and stock LNG when it is at its cheapest so we have little or no control of our cost base in the UK.
Until we have a clear long term energy generation strategy, build more LNG storage in the UK and import less, prices will unfortunately remain extremely volatile for years to come.
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