An emergency response to the energy crisis
Think tank: Onward
Author(s): Ed Birkett
September 5, 2022
This report from UK think tank Onward provides a 5-Point Plan for the new Prime Minister on the energy crisis.
The new Prime Minister’s handling of the energy crisis could make or break their premiership. Boris Johnson’s successor must be realistic about the scale of the challenge the UK faces and pragmatic about the solutions that are needed. The UK does not rely directly on gas from Russia, but we are still desperately exposed to the energy crisis that has followed the invasion of Ukraine. The UK is part of the European energy market, which means that UK gas prices are closely linked to those on the continent and that shortages across Europe also affect the UK. The EU typically gets 40% of its gas supplies from Russia. Following Russia’s invasion of Ukraine, supplies are down nearly 50% this year, and there are credible scenarios where Russia cuts off all gas supplies this winter. In other words, we need a crisis plan as urgently as Germany, France or Spain.