EIC welcomes new government and looks forward to cooperation on energy policy

The Energy Industry Council (EIC) has launched a new political manifesto calling for a unified energy policy, a clear project timeline, increased support for international trade and an integrated supply chain to drive the UK’s energy transformation.

London, 11 July 2024 – The Energy Industry Council (EIC) welcomes the new Government and looks forward to working collaboratively in the coming months and years to ensure that the needs of the UK supply chain are prioritised in energy policy decisions.

Stuart Broadley, CEO of the EIC, commented: “We look forward to working with the new Government to address the key issues detailed in our policy manifesto, which we publish today. It is essential that the needs of the energy supply chain, which plays a vital role in the UK economy, are fully integrated into energy policy decisions. Our policy document sets out the steps needed to create an environment in which innovation can flourish, enabling the UK to lead the global energy transformation. By working closely with Government, we aim to ensure that our collective efforts will drive the country towards achieving net zero emissions, while maintaining our global competitive advantage.”

A new manifesto from the EIC, the UK’s largest energy trading body and one of the largest in the world, highlights the need for a unified energy strategy to achieve the country’s net zero emissions target.

The manifesto includes a number of recommendations to accelerate the UK’s energy transformation and strengthen its position in the global market. The document is based on extensive data from the EIC, including in-depth analyses of energy projects and supply chain opportunities across the country. It also includes insights from numerous industry reports and interviews with energy leaders.

Broadley said an integrated energy policy was “a necessity for the UK”, warning that “we still lack the full set of skills and knowledge base required to effectively implement new technologies in the energy sector. There is an urgent need for a unified strategy that draws on expertise from all areas. By building on our existing strengths, we can encourage innovation and accelerate our journey towards net zero emissions. This approach is crucial not only to our environmental goals but also to maintaining the UK’s competitiveness internationally.”

Rebecca Groundwater, Head of External Affairs at the EIC, commented: “Policymakers need to ensure that all relevant groups and stakeholders are engaged at the appropriate stages. The current fragmented system makes it difficult for the supply chain to deliver and scale. Our recommendations aim to streamline processes and create an enabling environment for investment and innovation.”

The manifesto advocates a comprehensive strategy that takes into account the interconnectedness of different energy sectors. Groundwater said that “UK policy should avoid creating siloed supply chains that are ultimately counter-productive. You can’t have one supply chain for oil and gas and another for clean technology, for example. It doesn’t work that way because we have one supply chain that spans the whole industry.”

To facilitate a smooth transition to renewable energy, the EIC emphasizes the need for clear and consistent project plans and investment timelines. Groundwater said: “Companies need certainty over a five-year period (or longer) to gain shareholder buy-in for investments.” The manifesto proposes developing a detailed energy roadmap that sets out timelines for different projects across technologies and regions.

The manifesto also calls on the government to reassess and increase support for the UK energy sector in international markets. Broadley said: “The UK must improve its ability to access more markets, particularly in the energy sector”. This includes increasing support in overseas markets and reassessing the UK Export Finance (UKEF) offer to ensure it meets the needs of the supply chain.

To read the full manifesto, visit: https://www.the-eic.com

Read the latest issue of OGV Energy magazine HERE

Published: 11-07-2024