What effect will the General Election have on the Energy Industry?
There is one day remaining until polling for our General Election begins. We’ve decided to offer a short review of the each Party’s Manifestos in relation to the Energy Industry.
Within today’s General Election review we’ll focus on a 3 renowned, addressed issues that could have higher implications. The post is aimed at informing you about each Party’s ideology in terms of our Industry.
- Implications of Brexit
- Tackling Climate Change
- Lowering Energy Bills
The Implications of Brexit
Firstly, the Conservatives have set out a plan once we officially leave the European Union to make energy affordable for all consumers. Whilst not focusing on renewable generation but instead investing in technology that meets the global climate change commitment. The core of their manifesto in terms of Brexit is to regain control of legislation & make improvements to the environment at our own pace. In contrast, according to the analysis from the Carbon Brief, the Labour Manifesto sets out the need to ensure the legislation regarding the protection of the environment doesn’t change. Which sounds as if it’s supporting the Tory approach.
Although, the Conservative Party have stated that, “Protections given to consumers and the environment by EU law will continue to be available in UK law at the point at which we leave the EU.”
To add to the mix, the Scottish National Party, also have a strong focus on climate change post-Brexit. With the SNP being pro-European, they’ll defend the environmental interests of the EU, who have contributed to Scotland’s environmental research.
The Liberal Democrat Manifesto isn’t as bold as the Conservatives or Labour when discussing Post-Brexit; once the negotiations are complete the Lib Dems plan on putting an alternative up for a vote in another referendum.
The Climate Change Act
With the Paris Agreement and with Carbon reduction targets set for 2050. The Conservatives & Labour have equally outlined in their manifesto that low energy costs and reliable supply maintain the key to meeting the 2050 targets.
The aim is to reduce carbon emissions by 80%. The Liberal Democrat’s Manifesto is also in full support of the Paris Agreement and reducing our emissions by 2050. They’ve also mentioned as supporters of the European Union they’ll attempt to pass five green laws.
- A Green Transport Act — supporting cyclists & electric vehicles
- A Zero-Carbon Britain Act — with an attempt to encourage Carbon Neutrality
- A Nature Act — to preserve our natural resources. I.e. Green Belt
- A Green Buildings Act — creating more energy efficient building
- A Zero Waste Act — tighten the belt in terms of litter & recycling
Campaigning for Lower Energy Bills
All parties are campaigning to reduce the cost of energy bills for commercial and domestic consumers. With a price cap on standard tariffs as a key indicator across the Tory and Labour Manifestos.
Described differently and again conversely placed throughout their favourable media outlets. For example, based on an Energy Manifesto Review from the Carbon Brief, the Conservatives will begin to review and present recommendations to help reduce energy bills. Furthermore, they could introduce a tariff cap in support of the more vulnerable customers placed on poor value standard tariffs.
In contrast, the Labour Manifesto boldly states how they’ll introduce an “immediate emergency price cap” which enables a fair process for household bill payers across the country. Thinking physically, the Liberal Democrats have presented a different approach, which puts consumption in the consumer’s hands, creating permanent bill reduction by encouraging community interaction & making improvements to infrastructure.
To conclude, all parties seem to have a smooth Brexit transition in mind & maintain the consumer and environment at the heart of their Manifesto’s for energy. From the proposed price caps for the more financially vulnerable to the Liberal Democrats proposed environmental legislations.
Crown Gas & Power are a gas supplier to the commercial world. We currently do not supply electricity or domestic premises. Within this post, we have summarised the main manifestos for the General Election on June 8th, 2017. We do not intend to influence voting, please research how the Party Manifestos benefit your professional and personal life before voting on June 8th 2o17.