Energy

Home Liz Truss, the Prime Minister, came up with a message for the Conservative party conference: ‘Whenever there is change, there is disruption… Everyone will benefit from the result.’ Her words followed a decision not to abolish, after all, the 45p rate of tax, paid by people who earn more than £150,000 a year. Backbench Conservative MPs had let it be known they would not vote for it. ‘The difference this makes really is trivial,’ said Paul Johnson, director of the Institute for Fiscal Studies thinktank. But the pound rose and the government was able to borrow a little more cheaply. Kwasi Kwarteng, the Chancellor of the Exchequer, told the

Will the lights go out this winter? A letter from the energy regulator Ofgem reveals just how seriously it is taking the prospect, and lays out what would happen if the UK can’t get sufficient gas to meet demand. Ofgem declared that ‘here is a possibility that GB entering into a gas supply emergency’ this winter and lays out what would happen in the event of this happening i.e. when insufficient gas is available to supply the gas network at any wholesale price. It turns out that Ofgem would seek to reduce demand by telling the largest gas users to switch off their plant. These, it adds, ‘will likely be large gas-fired power

The rapid economic collapse that Britain is facing is simply an accelerated version of what the whole of Europe is about to go through; unsustainable borrowing to fund the gap between high energy prices and what households can actually afford. With the sabotage of the Nord Stream pipeline, there is now no feasible way back. Europe can no longer physically import Russian gas – prices will remain high until Europe builds more energy capacity, which could take years. What is likely to come of this? High energy prices will render European manufacturing uncompetitive. European manufacturers will be forced to pass through the higher energy costs in the form of higher

It almost seems worthy of the opening scene in a Bond film. Vital Russian gas pipelines running beneath the Baltic Sea close to Denmark and Sweden are the victims of sabotage. The two countries have warned of leaks from both Nord Stream 1 and 2 after seismologists suggested there had been underwater explosions. No one wants to claim credit for the deed – yet. Who is the Blofeld behind this dastardly scheme? Former Polish foreign minister Radek Sikorski, no fan of Russia, sardonically declared on Twitter, ‘Thank you, USA’. That set the conspiracy theorists off. As has a video resurfacing of Joe Biden in February promising America would put an end to

How pleasant it is to watch an idea fall apart. Especially when it is an idea held by people you don’t particularly care for. In recent years all of the democracies have been plagued by green parties. The kindest interpretation of them is that they provide a wake-up call of some sort: a reminder that we should be kind to our planet, that sort of thing. But in every country they got too free a ride. They ended up preaching catastrophism to a supplicant media. And they ended up demanding that we all get off fossil fuels yesterday without any satisfactory explanation of how we were meant to keep the

‘We are living the end of an era of abundance,’ according to Emmanuel Macron, ‘the end of the abundance of products and technologies, the end of the abundance of land and materials, including water.’ It is hard to see how water has become less abundant, being the ultimate renewable resource, which evaporates before falling back to Earth as rain. Rewind a year and people in parts of Europe, you may remember, were complaining about a super-abundance of water – in the form of the Rhineland floods. But let’s leave that aside and assume that Macron’s remarks were more immediately prompted by a shortage of energy. France, in common with other