Monday, September 16, 2024

Britain’s reliance on foreign energy is a national tragedy

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At the same time, the National Grid transmission network is incapable of carrying the power generated by Scottish wind farms or offshore to English cities – failures that push up the price of UK power, making it more expensive than foreign imports.

In 2023, a record 13pc of our net electricity supply came from countries such as France, Norway, Belgium and the Netherlands. At one point in April the figure was as high as 15pc.

The idea that this is somehow a good thing because much of it is derived from renewable sources such as French nuclear-power stations or Norwegian hydroelectric plants is absurd. Lower greenhouse gas emissions are to be welcomed but in this instance they come at a heavy price.

Britain spent £3.5bn last year alone on electricity imports. That is money straight out of the pockets of hard-working families into the coffers of foreign energy giants like EDF – best known in Britain for its risible attempts to build new nuclear plants on time and within budget.

They are a nice little money-spinner for the National Grid too. As the owner of many of the interconnectors, they take a cut, meaning they have every incentive to build more.

A general election is unlikely to bring more certainty. Labour says it has the solution but its grand plan has more holes in it than the Nord Stream 2 pipeline. Not only does Great British Energy sound underfunded, much of the money it expects to raise will be spent on unproven technologies such as such green hydrogen and tidal power.

Shutting down the North Sea prematurely would be a mistake – but nor is it the basis for a long-term energy strategy, as the Tories seem to think. However, it’s not unthinkable that a Reform-backed Conservative Party seizes power next time around and reverses Labour’s green embrace, catapulting us back to square one.

Having failed to put any proper thought into it, the truth is neither side has the answers.

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