Despite Russia providing less than 4% of our gas imports before their disastrous invasion of Ukraine, the effects on the global market of Putin withholding supplies has caused a global energy price hike.

Within 48 hours of her appointment as Prime Minister and just prior to the sad news of Her late Majesty’s death, Liz Truss took the decisive step of setting an Energy Price Guarantee to give certainty to consumers. I write before the statement due on Wednesday to confirm eagerly awaited details for householders and businesses.

This Conservative Energy Price Guarantee intends to save households around £1,000 per year compared to the price cap Ofgem proposed just a few short weeks’ ago. The average family will pay no more than £2,500 per year over the next two years.

The Price Guarantee comes alongside the Council Tax Rebate and £400 Energy Bill Support Scheme already in place to support households during this difficult year.

There are many constituents in rural South Shropshire who rely on heating oil, live in park homes or are part of heat networks. The Prime Minister has confirmed that they will also receive equivalent support.

I have been discussing with local businesses their very legitimate concerns from rapidly rising energy costs. I have relayed the significant pressures to senior members of the new Government, so I am pleased that businesses and charities will also receive energy price guarantees for the next 6 months, after which further support will be considered by the new Energy Secretary.

It is also essential that we secure our energy supplies for the future. In recent years, we have hugely expanded our renewable energy capacity, growing renewables from 6.5% of electricity generation in 2010 to nearly 43% in 2020, which has effectively replaced electricity generation from coal.

From my work on the Environmental Audit Committee, I know that there remains enormous potential to boost renewables production much further, with offshore wind able to grow from 10GW to 50GW as planned by the Government by 2030.

But I also welcome plans to boost baseload generation by taking decisions on new nuclear plants, long deferred by Labour when in office and the Liberal Democrats during the Coalition Government. 

We will continue to rely on fossil fuels for 15% of electricity generation in 2050 under existing plans to reach Net Zero Britain. Our ability to rebuild energy security so that we are no longer reliant on imports from volatile areas of the world is an important strategic aim, achievable through investment in nuclear and renewable sources. Our Committee expects to make a timely contribution to this debate this autumn when we publish recommendations from our inquiry into transitioning from fossil fuels while maintaining energy security.