Consultus Energy Outlook - December 2019

Your one stop guide to what is affecting the energy markets.

Conservatives win big majority in General Election to go forward with energy policies

 

The Conservative Party won the 2019 General Election, with a majority of 80 seats. The party won 365 seats across the UK, an increase of 47.

The majority allows Prime Minister Boris Johnson to go ahead unimpeded with plans to take the UK out of the EU on 31 January and fulfil the promises and implement pledges in the Conservative manifesto.

The Conservatives claimed that, over the next decade, the they will work with the market to create 2mn new jobs in clean growth, with the party’s first budget to prioritise the environment.

Areas to receive investment include decarbonisation schemes and electric vehicle (EV) infrastructure. This will include a national plug-in network and a gigafactory.

Significant pledges include:

  • Net zero by 2050.
  • Deliver 40GW of offshore wind by 2030.
  • £9.2bn for energy efficiency measures in households, schools and hospitals.
  • £1bn to create a fast-charging network that will ensure everyone is within 30 miles of a rapid EV charging station.
  • £800mn to build a fully deployed carbon capture storage (CCS) cluster by the mid-2020s.
  • £500mn to help energy-intensive industries to transition to low-carbon techniques.

Labour had its worst result since 1935, losing 59 seats and falling to 203 in total. Labour Leader Jeremy Corbyn announced he would not take the party into the next General Election, with a leadership election expected to take place in 2020. The Liberal Democrats’ seat tally fell 1 to 11, with Leader Jo Swinson losing her seat to the SNP. The SNP increased their number of seats by 13, to 48…read more

 

Download the full publication

 

 

 

« Back to Insights