ENERGY & UTILITIES

POLICY PLEDGES:

• The contribution of nuclear energy to Britain’s electricity mix will be increased from 12% to 40% by 2035. We will renew our existing nuclear plants and develop new large-scale Generation IV reactors and small modular reactors. Planning rules for the approval of new nuclear facilities will be streamlined.
• We will re-nationalise power supply and distribution via a new body, ‘British Energy’ which will also be responsible for implementing the UK’s energy strategy, and the underwriting and construction of new power generation plants and infrastructure.
• We accept the broad scientific consensus that fossil fuels are contributing to climate change and that we need to reduce our aggregate usage of them ; however, we do not support unrealistic objectives such as “Net Zero” which lead to an unbalanced and costly energy regime in the UK without materially impacting global warming.
• British Energy will develop a regulatory framework to support UK gas fracking and carbon capture and storage subject to adequate environmental assessments, and for so long as natural gas remains a necessary part of our energy fuel mix.  North Sea oil and gas exploration will be given a stable taxation regime to encourage investment and new permits for exploration and production will be expedited.
• An energy security programme will be developed to ensure that the UK has energy resources in place to guarantee 12 months’ reserve supply. This will include the use of all domestic energy resources, from renewables through to traditional sources.
• Expenditure on heat pumps, insulation, household solar panel systems and double/triple glazing by registered suppliers will be tax deductible at the basic rate.
• Research into battery technology, hydrogen, nuclear energy, tidal, and low-energy transport will be supported by £4bn of additional funding.
• Water supply and management is a natural monopoly and it should be returned to public control when public finances allow. We will set capital investment targets to reduce and prevent future discharges, and consumer charges/incentives for conservation and dividends to shareholders in private water companies (where applicable) will be aligned with this goal.
• The British Sovereign Wealth Fund will invest selectively in projects which advance national energy efficiency and self-sufficiency.