'Today’s approval of the Jackdaw gas field, the new £2 billion Energy Wealth Fund and Transitional Energy Certificates (TECs) are significant for the UK’s energy future.
It signals the Government’s recognition that a secure and reliable gas supply is critical to the transition to a cleaner energy system and delivering more affordable energy.
Britain relies heavily on gas power to back up its renewable generation and keep the lights on. This, combined with gas’ price-setting role on our electricity prices, means the nation’s growing dependence on gas imports is leaving it vulnerable to global energy shocks.
This has been brought into sharp focus this year by Russian gas flows to Europe and disruption to Gulf exports, which have driven up global prices and pushed up our energy bills.
With the North Sea in rapid decline alongside the massive expansion of renewable wind generation, the strategic case for more gas storage and electricity storage has never been clearer. Storage is essential to strengthening our future energy independence.
We welcome the Government’s announcement today as well as its previous interim report on the “Gas System in Transition: Security of Supply” consultation, which both further reinforce the strategic case for more investment in storage infrastructure.
With MESH, in the East Irish Sea and Barrow-in-Furness, EnergyPathways is developing the UK’s largest integrated energy storage facility that combines strategic gas and hydrogen storage alongside long-duration electricity storage (LDES). We look forward to playing our part in delivering a cleaner energy system while lowering energy costs and strengthening energy security.
MESH is a homegrown energy solution. Its pathway to development is significantly strengthened with today’s announcement', said Ben Clube, CEO, EnergyPathways
Link to press release: https://www.gov.uk/government/news/jackdaw-gas-field-gets-green-lightutm_source=chatgpt.com
Source: EnergyPathways
