As we set out in our briefing on the global energy crisis here, there has been a crisis around the world with record natural gas, coal and electricity prices. The causes are a combination of post-pandemic recovery, extreme weather events and fractious geopolitics, which have increased demand and compromised supply. We also argued that the underlying cause allowing such events to be decisive is a long-running failure of global policy making to manage the transition from fossil fuels to clean energy. This is also true of the UK, notwithstanding its reputation as a poster child for decarbonising its economy.
In this briefing, we take a closer look at the peculiar UK perspective on the energy crisis, its impact and potential implications. In particular, with the UK’s competitive energy supply business market, we consider the issues raised by the fact that no less than 22 energy suppliers ceased trading this year. Other issues under scrutiny include the role of tariff caps for consumers and back-stop measures to ensure supply when firms fail.
Read our full briefing here.
A podcast discussion of the same issues can be found here.