Energy suppliers must be ready to pass on cuts to wholesale energy prices to their customers as quickly as possible, Grant Shapps will insist (this week).

This call from the Energy Security Secretary comes as part of his overriding ambition in his new role for the UK to have amongst the cheapest wholesale electricity prices in Europe.

At a speech at Chatham House today (1st March), he will demand that cuts in wholesale prices should then be passed on through customers’ bills – no ifs, buts or maybes.

As the new Secretary of State at the newly established Dept for Energy Security, he will also make clear his focus on the UK achieving ever-greater energy independence – cutting the UK’s reliance on the volatile international energy markets by powering Britain from Britain using home-grown sources like renewables and nuclear technologies.

Mr Shapps will say he will have a laser-like focus on this mission so that, “never again should Putin or anyone like him even think they can hold the UK to ransom”.

Mr Shapps will also hit out against “enviro-extremists” like Extinction Rebellion and Insulate Britain, disrupting people’s lives and diverting vital police resources through their tactics – arguing instead that people will back action to tackle climate change where they can also see the benefits.

Already, the UK is leading the world on tackling climate change having been the first major economy to put the net zero emissions target into law, with 68,000 green jobs supported since late 2020 and having attracted £24 billion in new investment commitments to low carbon sectors in 2021 alone.

That investment will boost the UK’s world leading efforts to tackle climate change but also the country’s energy security – with Grant Shapps arguing that they are ultimately “two sides of the same coin”.

Speaking at the Chatham House Energy Transitions conference in London, Energy Security Secretary Grant Shapps is expected to say:
“I have one overriding mission in this new job: for the UK to have amongst the cheapest wholesale electricity prices in Europe.  This is critical to consumers, to our country and to our planet.

“Making the most of our position as a world-leaders in renewables and nuclear technology, home-grown sources that will shield households from the worst excesses of the volatile global fossil fuel markets. And suppliers must be ready to pass those savings onto consumers.

“Families have seen the impact on the pounds in their pockets of Putin’s illegal march on Ukraine a year ago – and it has opened the world’s eyes to just how vulnerable we are to tyrants like him.

“Working towards this overarching goal of cheaper wholesale electricity will mean we will be powering Britain from Britain, increasing our energy security and independence – the kind of independence that comes from having the four biggest wind farms off our shores.

“And all this will be better for our planet – energy security and tackling climate change are ultimately two sides of the same coin. And it will be this – not the eco-extremists like Extinction Rebellion causing disruption and dismay – that will have people voting with their feet as they see the benefits of achieving net zero.”