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EUA supports Lords call for fracking exploitation

Following yesterday’s publication of the House of Lords Economic Affairs Committee report, the Energy and Utilities Alliance has voiced its support for regulated hydraulic fracturing in the UK.

The report on the economic impact of shale gas and oil in the UK stated that fracking of shale gas is an “urgent national priority”.

EUA chief executive Mike Foster said shale gas can help reduce UK dependence on imported gas and increase energy security.

“The current political unrest in the Ukraine has highlighted our vulnerability to fluctuations in the market and to not seize the opportunity shale could offer is foolhardy,” he said.

Shale gas could add a new dimension to the UK’s energy mix and provide additional tax revenues, he continued.

“This revenue can be invested in upgrading domestic properties to make them as energy efficient as possible helping to deliver a low carbon future. It is also anticipated that over 64,000 jobs will be created further supporting the UK economy,” said Mr Foster.