Last week a new agreement was signed between France and the UK that could lead to better energy security in the UK. This will help both countries move away from fossil fuels by increasing the use of renewables and nuclear power.
The new partnership aims to Support global energy security whilst delivering secure, green and affordable energy to the two countries.
Although the UK and France already work with each other when it comes to energy deals, especially nuclear, this new agreement will further help the two countries to bring down our energy bills.
Why is energy security so important?
In the UK energy security is one of the main reasons for higher energy prices. As the UK relied on imports for their energy, this creates gaps when there is an increase in demand. When the energy crisis began, and global energy prices increased suppliers had to increase their prices very quickly to keep up with the global market which caused an unfortunate situation for many energy consumers. This left many businesses and households was left unable to pay their energy bills.
Without reliable energy sources, the country will be unable to grow economically as prices in the wholesale energy market will also determine the country’s economic position.
Could this lead to better energy deals for businesses?
Overall better energy security will lead to lower energy prices for consumers. The reason for such high price volatility in the wholesale energy market is usually due to demand outweighing supplies. However, with greater energy security, we would have enough supplies to deal with the spikes in demand. This would keep prices in the energy market more level and avoid an energy crisis like we have been seeing recently.
Having greater energy security will also reduce the effects of geopolitical issues on our energy market. For example, last year energy bills spiked so much due to Russia’s war with Ukraine.
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