UK reintroduces fracking ban

New Prime Minister Rishi Sunak restored a shale gas fracking ban in England in his first PMQs.

It comes just months after his predecessor Liz Truss had lifted the ban on the process where there was local consent.

The news had been welcomed by many quarters concerned over the limited domestic energy supply, highlighted in recent months by a significant increase in gas imports.

Without more local energy sources, the UK will import over two-thirds of its gas by the decade’s end, exposing the British public and businesses to further risk of supply shortage and price hikes down the line.

The gas price in the United Kingdom is forecast to amount to 2.8 British pounds pence per therm in 2022/23, a significant increase when compared with 2020/21. While prices are expected to remain high in 2023/24, they will fall to lower levels by 2024/25.