The former tsar for vaccinations will be in charge of a new energy taskforce that will make direct purchases of supplies in an effort to lower family costs.
In an effort to reach a long-term agreement, the team, led by Madelaine McTernan, a former director general of the UK’s Vaccine Taskforce, has started talks with local and foreign energy providers.
The taskforce is expected to lower the cost energy providers charge consumers and improve the supply’s security. Her team would also bargain with renewable energy companies to lower their rates.
The move is one of the steps the government is doing to gradually lower the cost of energy and assist individuals and companies with skyrocketing energy bills.
A cooperative initiative between the Treasury and the Bank of England is also being announced to address the liquidity needs of energy companies in the UK’s wholesale gas and electricity markets.
The former director general of the UK’s Vaccine Taskforce, Madelaine McTernan, will be in charge of a new energy task force that will try to negotiate long-term contracts with domestic and foreign energy suppliers in an effort to lower household bills.
In order to address shortages experienced by certain women, Miss McTernan was chosen in April to lead a brand-new taskforce on the provision of hormone replacement treatment (HRT).
She works with UK Government Investments as a director as well (UKGI).
She had served as the managing director and head of UK mergers and acquisitions at Credit Suisse and Lehman Brothers before joining the vaccines taskforce.
She worked as a corporate attorney at Freshfields before beginning her career in investment banking, focusing on capital markets and mergers & acquisitions activities.
Miss McTernan completed her legal studies at Trinity College in Cambridge in 1997.
The government’s move, according to Business Secretary Jacob Rees-Mogg, would “invigorate the long-term reforms we need to complete, to tackle the fundamental flaws in the energy market and guarantee the British people enjoy inexpensive and abundant energy in the future.”