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IET responds to energy price cap increase

Published: Thu 3 Feb 2022

The Institution of Engineering and Technology’s (IET) energy expert calls out the UK energy system’s lack of resilience in response to the price cap increase.

Craig Lucas, Energy Policy Panel Chair says:

“The situation we are currently experiencing is exceptional, and in this volatile global market, we need to redouble our focus on the resilience of our own energy system.

It underlines the urgency of progressing measures like energy efficiency and low carbon heating with more vigour, which not only save carbon but, long term, help to protect citizens and consumers. 

“In addition, it underlines the pressing need to have a balanced low carbon energy generation mix, with the right incentives for storage investment. 

As an example, we are now paying the price for lack of strategic gas storage, and a reliance on the energy market to be able to hedge the volatility we are seeing.

This is a clear sign that there is still a lack of effective cross-sector and whole systems coordination.

This should be seen as a wake-up call to not only tackle this specific situation, but also to build in resilience and agility to be able to adapt to the requirements of a decarbonising energy system, and to the changing climate itself.”

--ENDS--

Notes to editors:

About the IET

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Media enquiries to:

Rebecca Gillick
Senior Communications Executive
T: +44 (0)7706 297 580
E: rgillick@theiet.org

Hannah Kellett
External Communications Manager
E: HKellett@theiet.org