The report by the cross-party Public Accounts Committee (PAC) is “sceptical” about the credibility of the government’s initiatives for nuclear, solar and wind energy expansion. And it is “unconvinced” there is enough clarity for the private sector to provide investment.
The UK’s current operating capacity is a quarter of the goals set for nuclear, solar and offshore wind power. Expansion plans relying in part on technology are still at an early stage.
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In April 2021, the government set in law a target to slash emissions by 78% by 2035. This would be a critical milestone towards making the country net zero by 2050.
Achieving these goals will require that all electricity in the country will come from low-carbon sources by 2035, while ensuring security of supply and avoiding blackouts.
However, demand for electricity is forecast to more than double over the next two decades as more sectors switch from fossil fuels to electricity.
"With only 12 years left to hit its ambition, the Department for Energy Security and Net Zero has a lot to do if it is to achieve its ambition, and do so at least cost to bill payers and taxpayers, all while ensuring security of supply so that the lights stay on,” said the PAC’s report.
Confidence for the private sector
PAC added that a coherent delivery plan also needs to provide confidence to the private sector if it wants it to contribute to the hundreds of billions of pounds needed for new and upgraded infrastructure. The government estimates that up to £400 billion of public and private investment in new generating capacity will be needed by 2037.
PAC’s chair, Dame Meg Hillier MP, said there is “an information vacuum” in key areas regarding how to achieve the low-carbon energy target, including energy efficiency, investment and the cost to the public of the transition.
She added: “What is the plan? It has now long been understood and accepted that greening our economy is an existential priority, with the government setting itself the target of securing an entirely low-carbon power supply by 2035. But without a coherent delivery plan to get there, the government will find it harder to know what decisions it must take, and when, to ensure that it can realistically reach its ambitions.”
PAC urged the government to pull together a coherent delivery plan by autumn 2023 “at the latest”.
