We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Octopus Energy chief executive Greg Jackson said there was “no hiding” from the fact costs have risen “dramatically” as he acknowledged the cost-of-living crisis was “very real”. His comments come as Boris Johnson is set to announce a massive expansion in nuclear power – with up to seven new plants by 2050 – to help secure the UK’s long-term supply.

Mr Jackson said the “sad reality” was that many people lost jobs in the pandemic, finding bills unaffordable.

He added: “Companies like ours will work with them to get payment plans in place, to provide assistance.”

But Mr Jackson warned bills could rise further in the winter, saying: “Unless there’s a very rapid fall in the global prices, energy costs will stay high over the winter. They could even be higher. We just don’t know.”

The Prime Minister’s energy security strategy is due to be outlined on Thursday. A government spokesman said: “We will set out an ambitious plan to supercharge our use of a diverse range of renewables including offshore wind, solar and hydrogen – all underpinned by nuclear and continued support for our North Sea oil and gas sector.”

Business Secretary Kwasi Kwarteng indicated yesterday a major increase in nuclear was part of the blueprint.

But in a sign of Cabinet tensions, Transport Secretary Grant Shapps spoke against onshore wind expansion, saying farms were “eyesores”.

Ed Miliband, Labour’s shadow climate change secretary, said the plan was unlikely to provide energy security or cut bills. He said: “We need a green energy sprint. But this government is showing day by day they cannot deliver it.”

Anne-Marie Trevelyan, the International Trade Secretary, will today call for a green economy to move away from reliance on Russian oil and gas.

How renewable energy works 

1 Solar energy

As light hits photovoltaic solar panels it creates a flow of electrons, which is turned into electricity. The amount of solar energy that reaches the Earth in one hour provides more power than the planet needs in a year.

2 Wind energy

Wind farms are an increasingly familiar sight in the UK. Turbines are used to drive generators, which then feed electricity into the National Grid.

3 Hydro energy

A large reservoir and a dam can together create a flow of water to drive a turbine, generating electricity.

4 Tidal energy

Similar to hydro, but this uses twice-daily tidal currents to turn turbines.

5 Geothermal energy

This harnesses natural heat below the Earth’s surface to warm up homes or generate electricity, but it is more abundant in places like Iceland.

6 Biomass energy

The conversion of solid fuel made from plant materials into electricity.

Source: Read Full Article