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politics3h ago
Reeves looking to break link between gas cost and electricity prices
- Reeves and Miliband are seeking to break the link between gas costs and electricity prices.
- The idea aims to curb how gas prices set electricity prices under the UK's pricing model.
- Officials plan to detail potential methods within days or weeks as part of the energy transition.
- Delinking is seen as important as electricity becomes a larger part of the energy mix.
- The discussion includes North Sea tiebacks to bring more oil and gas on stream.
- Greenpeace proposes moving gas plants into a regulated asset base to reduce price volatility.
- The energy secretary and chancellor are coordinating with industry and policymakers on next steps.
- The government backs tiebacks as a quick route to producing more oil and gas.
- The energy industry group Energy UK cautions decoupling will occur gradually with more renewables.
- The piece notes the broader agenda of moving Britain toward renewables and away from fossil fuels.
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