Ed Miliband will deliver a major address on Tuesday, setting out fresh energy measures designed to tackle the crisis triggered by the conflict with Iran.
The Energy Secretary intends to reaffirm Labour’s dedication to achieving Net Zero, arguing surging fossil fuel costs demonstrate the urgent need for Britain to embrace renewable power.
He is expected to say: “As we face the second global energy shock in less than five years, the lesson for our country is clear; the era of fossil fuel security is over, and the era of clean energy security must come of age.”
The speech comes as oil markets remain volatile following dashed hopes that the Strait of Hormuz would reopen, with prices set to climb roughly four per cent today.
The minister’s package comprises three central initiatives aimed at shielding households from escalating energy costs.
First, the Warm Homes Programme will be accelerated to drive faster adoption of solar panels and electric vehicles across the country.
Second, Labour plans to increase solar panel installations on publicly owned land.
Third, ministers intend to separate electricity prices from gas costs in a move designed to bring down consumer bills.
Ed Miliband speech: Energy Secretary to unveil Net Zero plans amid oil price surge
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Currently, wholesale electricity prices are determined by the most expensive form of generation at any given moment, which frequently means gas-fired power stations set the rate.
While the precise mechanism for decoupling these prices remains unclear, potential approaches include negotiating improved contracts for existing green energy projects.
Mr Miliband will also use the address to push back against those advocating expanded North Sea drilling, a position championed by the Conservatives and Reform since oil prices surged past $100 per barrel in March.
He is expected to say: “I do not agree with those who say we should ‘turn off the taps’ overnight. But nor do I agree with those who suggest that somehow ‘drilling every last drop’ will take a penny off bills or give us energy security.”
Mr Miliband will use his speech to take aim at North Sea drilling
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The Energy Secretary will characterise such demands as “retreating to the comfort of false solutions”.
However, he will acknowledge the North Sea’s ongoing importance, describing it as “an important resource for our country which we will continue to use for decades to come”.
The Government maintains that decisions regarding the Jackdaw and Rosebank fields remain under consideration.
Mr Miliband will highlight evidence that British consumers are already embracing cleaner alternatives in response to the Middle East turmoil.
“Octopus report a 50 per cent rise in solar panel sales and a 50 per cent rise in heat pump sales since the war began.
“And March was the best month ever for EV sales in the UK.”
He will also challenge what he describes as widespread misinformation about running costs, insisting that electric vehicles were already more economical than petrol or diesel cars before the current crisis.
Mr Miliband will argue that heat pumps can likewise prove cheaper to operate than gas boilers when households select appropriate tariffs.