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UK Lifts Ban on Fracking and Freezes Energy Bills

UK Lifts Ban on Fracking and Freezes Energy Bills

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British Prime Minister Liz Truss today announced a temporary freeze on consumers’ energy bills, with an annual cap of 2,500 pounds (2,874 euros), for a period of two years from October 1, and informed that the ban on hydraulic fracturing (fracking) in the United Kingdom will be lifted.

In an address to the House of Commons, the Chief Executive said that her new energy plan will give “certainty” to citizens and “boost growth” in the economy.

Truss stated that her government will also support all businesses, charities, and public sector organizations with their energy costs this winter by offering an equivalent guarantee for six months.

The PM also urged companies to look at ways to improve energy efficiency and increase direct power generation.

In her speech, the new Conservative leader also announced that her government will end the current ban on hydraulic fracturing or fracking to extract so-called shale gas in England, which means that this practice can begin within six months.

Truss, who last Tuesday took over the reins of the British government after Boris Johnson’s resignation, detailed these measures in order to counteract the effect of the notable increase in energy prices and its impact on citizens, given that bills were expected to suffer an increase of 80% as of this October.

This energy package to be implemented by Truss is expected to cut inflation—which currently stands at 10.1% and is expected to continue rising in the coming months to 13%—by up to five percentage points, the Prime Minister noted.

The government has already set up a new energy supply task force, similar to the one once established for the management of Covid-19 vaccines, which is already negotiating long-term energy contracts with both domestic and international gas suppliers to immediately lower the cost of the intervention.

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