Secretary of State Grant Shapps met with energy companies today during Energy Week to strengthen the UK’s energy security and economic growth strategies.

Grant Shapps praised the “enormous opportunities” for businesses and communities as the UK invests in renewable and other sustainable technologies and strengthens national energy security.

At an industry roundtable in Downing Street, energy firms from renewables, oil and gas, and nuclear outlined up to £100 billion worth of projects to be constructed in the UK over the next decade.

Government and industry also concurred that it is essential to collaborate across the complete energy sector to:

  • Increase the UK’s competitiveness and investment in domestic renewable energy.
  • Create and preserve employment across the nation.
  • Reduce domestic and consumer energy costs.
  • Progress towards zero net output.

In addition, the Secretary of State outlined the government‘s new abilities to safeguard UK energy supplies.

After the event, Energy Security Secretary Grant Shapps said: 

“We are at a critical juncture in the UK’s energy history: achieving our objectives will require continued close collaboration with industry leaders.”

“This was the consensus at today’s industry roundtable, which I had the honour of facilitating, where we discussed how to strengthen the UK’s energy security and promote economic growth.”

“There are enormous opportunities ahead, but they can only be grasped if the UK government, industry, and regulators collaborate across the sector to accelerate investment in renewables, reduce bills, and achieve net zero. The investment projects discussed today will protect tens of thousands of skilled jobs nationwide and assure the UK’s resilient and sustainable energy future.”

Attendee remarks

Keith Anderson, chief executive officer of ScottishPower, stated:

“We appreciated the opportunity to hear the Secretary of State reaffirm the UK’s position as a worldwide leader in combating climate change and achieving net-zero emissions while expanding the economy.”

“ScottishPower, one of the largest investors in renewables and electricity networks, is contributing to this growth by creating over one thousand jobs in the past year alone, and we look forward to continuing this for decades to come.”

Tom Glover, UK Country Chair for RWE, commented:

“To provide up to £15 billion in the UK electricity market by 2030, hearing Grant Shapps highlight the government’s commitment to net zero targets and the UK’s carbon budgets at the roundtable today was reassuring.”

“We emphasised the need for frequent engagement between government and industry, a sustained commitment to net zero, and interim goals for the electricity sector. We also applauded the announcement of the latest Track 2 CCS transport and storage schemes, and we urged the government to move forward with other CCS initiatives and CO2 shipping throughout the UK.”

David Whitehouse, representing Offshore Energies UK, stated: 

“I appreciated the opportunity to represent Offshore Energies UK’s over 400 member companies at Number 10 today. The key to reaching net zero and beyond is these companies’ investments in innovative initiatives across all industries, from oil and gas to offshore wind, carbon capture, and hydrogen.”

“Today’s energy summit reaffirmed the UK’s commitment to achieving net-zero emissions and acknowledged the critical role that domestic oil and gas production and carbon capture and storage will play on this path.”

“The UK can unlock the private investment required for an energy future that provides security, affordability, generates highly skilled employment, and combats climate change through ongoing collaboration and pragmatic policy. The five-decade track record of the offshore energy sector demonstrates what can be accomplished through collaboration.”

Jon Butterworth, chief executive officer of National Gas, stated: 

“Gas is central to the energy security of the UK. During 260 days in 2022, gas supplied more than 30 per cent of the nation’s electricity, ensuring that the lights stayed on while keeping citizens warm and industries fueled, safeguarding tens of thousands of jobs and half a million businesses. We appreciated today’s discussion with the Secretary of State and industry executives, and we will continue to collaborate with the government to improve the resilience of our energy sector.”

Emma Pinchbeck, chief executive officer of Energy UK, stated: 

“The consensus of our industry is that achieving net zero and energy security go hand in hand, and we applaud the Secretary of State’s reaffirmation of this commitment.”

“The best and quickest method to address these challenges and keep customer bills affordable is rapidly expanding our inexpensive, clean energy sources while reducing demand. Increasing the energy efficiency of residences is a no-brainer, and the potential offered by greater flexibility for consumers and the broader energy system will reduce costs for everyone. We must also prioritise the immediate issue of assistance for those customers who will struggle this winter to pay their energy expenses, which remain significantly higher than 18 months ago.”

“Enabling all of this requires the proper environment to attract the necessary investment in the face of rising global competition, the development of supply chains and workforce skills, and the resolution of issues related to the planning system and grid connections that can impede the rapid progress we all desire. Our industry is completely committed to working with the government to address these issues, as we all recognise the enormous opportunities they present for our economy, environment, and customers.”

Ruth Herbert, CEO of the Carbon Capture and Storage Association, remarked: 

“This meeting was an important occasion to discuss with energy industry partners how we can collectively provide secure, affordable, decarbonised energy, with CCUS playing an important role in achieving this goal.”

“We applaud the government’s CCUS announcements this week, which provide momentum for the industry and a pathway to decarbonisation for two significant industrial regions. To successfully store 20-30Mt of CO2 by 2030 by the government’s net-zero ambitions and to avoid falling behind our international competitors, we still require clarity on the timeline for support.”

“Carbon capture is essential to the UK’s climate change mitigation arsenal. It will decarbonise gas-generated electricity, allowing more renewables to be added to the system, and it will reduce emissions from essential industries such as steel and cement to continue to support tens of thousands of jobs and ensure domestic supply chain security.”

David Bunch, Country Chair for Shell in the UK, stated: 

“This meeting was productive. Shell UK has already established ambitious investment goals to support the nation’s energy security and transition to a low-carbon energy infrastructure. These investments are contingent on fiscal stability, the clarity of business models, and the protection of shareholder value.”

Ana Musat, Executive Director of Policy for RenewableUK, stated:

“At a time when energy security, affordability, and decarbonisation continue to be at the top of everyone’s agenda, the renewable energy sector embraced the opportunity to meet with the Secretary of State to discuss the opportunities and challenges we face. There was broad consensus on the need to enhance the UK’s investment environment, given the country’s extremely challenging economic conditions and intense international competition for supply chain, skills, and investment.”

“We are all aware that it is essential to prioritise the deployment of inexpensive, domestic renewable energy initiatives to strengthen Britain’s energy security. Wind and solar are the most cost-effective new energy sources, so the government can increase investor confidence in this sector by ensuring that the Contracts for Difference framework considers the sector’s economic pressures.”

EDF’s Director of Strategy and Corporate Affairs, Paul Spence, stated:

“Improving energy efficiency, transitioning and heat pumps, and investing in more low-carbon wind, nuclear, and solar electricity not only helps the environment but also shields homes and businesses from global price spikes and ensures that the UK has sufficient power. We wish to expedite delivery on every front.”