Election defeat for Energy Secretary Ed Davey means there is to be yet another whirl of the revolving-door at the ministry looking after oil and gas affairs. The Kingston and Surbiton MP was one of the casualties of a disastrous night for the Liberal Democrats, and his departure from office leaves a vacancy in a key role affecting the UK Government’s relations with the offshore sector.
Electricity generators are to receive nearly £1 billion - at an average cost of £11 per household - to ensure enough power to meet peak demand in 2018/19. Energy Secretary Ed Davey said the Government’s first ever capacity market auction guaranteed energy supply at the lowest cost for consumers. Electricity providers were asked to bid into the capacity auction, promising if they win a contract that they will be available to provide power when needed.
Energy Secretary Ed Davey insisted the UK has a “moral duty” to help the world’s poor cope with rising temperatures as the Government unveiled a £720 million pledge to a UN climate aid fund. He dismissed “little Englander” critics of the UK contribution to the UN Green Climate Fund, which will help poor countries adapt to the impacts of climate change such as floods and droughts and help them develop their economies while curbing emissions. Some Tories have voiced doubts about the spending, which comes from existing UK aid commitments, pointing out that the deficit is still running at £100 billion a year and Britain’s own flood defences need shoring up.