If consumers support drilling sites in their neighborhood, fracking companies are planning to give them a 25% discount on their energy bills.
Both Liz Truss and Rishi Sunak have said they would overturn the prohibition on the contentious technology, whose proponents think it may help solve Britain’s energy problem.
But according to both contenders for the Tory leadership, only towns that accept the proposals would see additional drilling permitted.
If consumers support drilling sites in their neighborhood, fracking companies are planning to give them a 25% discount on their energy bills.
The two contenders for the Tory leadership have said they would only permit further drilling in regions where the plans have the backing of the locals.
The drilling ban, which has been in place since 2019 because to worries about earth tremors, will be lifted, Miss Truss wrote in the Daily Mail last week.
The front-runner for the leadership position said that it was necessary to “radically expand our domestic energy supply,” adding, “We will abolish the effective restriction on harvesting our enormous deposits of shale gas through fracking but be guided by science, putting out a strategy to guarantee communities benefit.”
“Fracking will only happen in places where there is a clear public consensus in favor of it.”
We need to start using all available energy sources, including fracking, according to a campaign source.
One of the five companies operating in the UK market, IGas, has informed the Treasury that if the Government supports the industry, UK shale gas may start to reach the market in 12 to 18 months.
The companies engaged are now developing strategies to provide individuals with specific financial incentives to support technology in their region.
The Daily Mail was informed by Charles McAllister, head of policy at UK Onshore Oil and Gas, the industry’s representative, that businesses were considering a number of incentives to persuade towns to adopt the technology.
He said that localities would automatically get £100,000 to use for their top local needs if they agree to a test drilling location.
Those who invest in manufacturing will get a portion of overall profits as well as potential direct discounts of up to 25% on locals’ fuel costs.
We’re still ironing out the details, including how near residents would have to live to sites to be eligible for discounts.
“The Truss and Sunak camps are talking about reducing VAT or [green] policy assistance,” Mr. McAllister said.
Let’s say you had to remove both of them; the cost would be roughly £275 or £300.
“At rates even before the most recent hike, what we’re talking about is around £811 off your yearly cost, which is very excellent – much, much larger than is now given,” the author writes.
He said that the discussion regarding fracking, which has in the past sparked demonstrations, has altered as a result of skyrocketing energy costs.
Anti-fracking demonstrators are stopped by police as they try to block a tanker truck leaving a drill site in Blackpool after fracking activities there resumed in 2018.
When energy costs are low, he said, “nobody thinks about energy; it is just kind of there.” But everyone is considering it because of the outrageous pricing right now.
According to research done by UK Onshore Oil and Gas at the beginning of the summer, the provision of direct assistance with energy bills would increase support for local fracking from 29% to 53%.
One of the five companies operating in the UK market, IGas, has informed the Treasury that if the Government supports the industry, UK shale gas may start to reach the market in 12 to 18 months.
However, Mr. McAllister said that this would need “head to toe support,” including a reduction in the planning red tape that has so far hindered manufacturing.
Shale gas, according to Mr. McAllister, has the potential to make the UK gas self-sufficient in 10 years.
Protesters against fracking in California in 2015. Fracking is a contentious procedure worldwide.