2 Burst results for "Leading Energy Industry Trade Association"
Bloomberg Radio New York
"leading energy industry trade association" Discussed on Bloomberg Radio New York
"Issues around vat the green levees the warm homes funds But another one that has also been flagged significantly is the idea of a windfall tax on oil and gas profits Is the industry expecting that from the Chancellor how much would it help do you think We don't know whether or not the chance that we will do that it seems fairly unlikely but in the case that they do how much it will help it depend entirely on the scale of that windfall tax It depends on how it is attributed as well If it is just a blanket blanket refund to consumers that will be less effective than targeted support for vulnerable consumers But every consumer is going to suffer more in terms of cost of energy Because the cost is simply rising So it's completely down to how the Chancellor does it and what scale they do that at So that was Charles wood the deputy director of policy at energy UK the leading energy industry trade association You can listen to our full energy special Bloomberg Westminster as a podcast It's on our Bloomberg website or download it at Apple music or your preferred radio app today well worth listening to that as we expect Boris Johnson to come up with a full energy security plan this month Also we'll have much more in terms of but if politics at 12 noon on Bloomberg Westminster I'll be speaking to the labor MP Janet Davy who represents the British Iranian national and nusha asuri who was of course released to the UK from Iran alongside nazanin zagari Radcliffe just last week also Chile osuji is the former International Criminal Court president and judge So that also live at 12 noon on Bloomberg Westminster So on the war in Ukraine catch it live at 12 noon Now coming up next on Bloomberg daybreak Europe Obviously speaking to Martin Malone the chief economic adviser at Alphabet what are the off ramps now for Vladimir Putin And how are markets.
Bloomberg Radio New York
"leading energy industry trade association" Discussed on Bloomberg Radio New York
"One thing that in different kills and according to Ukrainian aid talks between the sides are tentatively planned continue today Turkey says Moscow and Kyiv are close to an agreement on key points Meanwhile China's top envoy to Washington pledged his country will do everything to deescalate the war and says its relationship with Russia is not part of the problem There's a disinformation about China providing military assistance to Russia And against the war as I said you know we will do everything to this escalate The crisis That was ambassador Qin gang on CBS's face the nation yesterday However Qin refused to condemn Russia's attack and branded such requests naive his comments come days after president Joe Biden warned president Xi Jinping of consequences should China support Russia's invasion of Ukraine Here in the UK the Chancellor Rishi sunak is promising to help Britain through the cost of living crisis ahead of his spring statement on Wednesday He told Sky News he will do what he can to help households with surging inflation and energy prices but suggested there are limits to the support he can give The actions and steps we're taking to sanction Russia are not cost free for us here at home I can't pretend that it's going to be easy that government can solve every challenge or that I can completely protect people Sinak refused to outline the specific policies he might adopt but there are reports he make up fuel duty as he comes under increasing pressure for members of his own Conservative Party to take action And the prime minister is looking to nuclear and wind energy in an attempt to boost domestic energy security Bloomberg's UN pots has the story Boris Johnson is to meet with leaders from the nuclear industry today to discuss how to speed the progress of new projects The prime minister also worked with bosses from the win sector over the coming days Stepping up alternative energy sources has become more urgent as soaring oil and gas prices worsen the cost of living crisis and as Europe attempts to wean itself off Russian energy The government is also looking to boost domestic oil and gas production It's discussing investments in the North Sea ahead of publishing its full energy security strategy later this month In London I'm Ewan Potts Bloomberg daybreak Europe Global news 24 hours a day on air and DOM Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries I'm Hannah George This is Bloomberg Caroline Thank you so much Hannah Well you mentioned the government and the dilemma of how to reach energy independence Well of course we expecting the government to unveil the energy security plan this month in the wake of Russia's invasion of Ukraine Boris Johnson also meeting with energy executives today So what does the future then of energy actually look like for Britain It's the issue that you import tonight explored on a special episode of Bloomberg Westminster on Friday This is a complicated period for the industry and also for households with the Chancellor Rishi sunak's spring statement coming this week How should the government respond That's what we asked Charles wood the deputy director of policy at energy UK which is the leading energy industry trade association here in Britain I think there are a lot of different measures that the treasury can take This is a global crisis So it is not something that is within the control of the market The prices are surging across the world It's a very difficult situation and as you noted there have been a lot of supplier failures that have happened in the recent months with about 26 failures failures since August So this is a critical point for the industry the sector is quite fragile So we would like to see some support for suppliers but at the same time we'll start off with what needs to happen on bills The first English should happen is a consideration of some of the government costs that have put on to build So the at for example that's 5% of the bill And they would save about 90% sorry 90 pounds per customer under the new price cap coming in above beyond that There's about 15% of the typical domestic energy builders made up of social environmental obligations based on suppliers by the government Government could mitigate some of those rising energy bills either on a temporary or permanent basis by funding some of these policies through general taxation It's really important that we don't scrap those policies because they are really vital to protecting vulnerable customers and to our net zero targets So we have to make sure that they are still paid for But taking that burden off of consumers would take a further a 188 pounds off of the next the April price cap This is already been consulted on in order to prevent some of the distortions that happen between electricity and gas And to support heat decarbonization But it's a question of can we do that faster There are also some parts of the sector that do make a considerable profit So there are about 25% of the energy bill is network costs and networks that make a regulated profit So there's consideration of can we discount some of that regulated profit Can we do something to funnel that towards consumers in order to aid them And then in terms of supporting specifically vulnerable consumers increasing existing support schemes is really important and government needs to do that quite quickly and looking at the warm homes discount Household support fund and potential for new social tariffs as well So there's quite a few things that government can do And all of those have been kind of stabilized They've all been widely discussed those.