Shale and nuclear offer UK energy solution

The head of the Institute of Directors (IoD) has called for the UK to exploit the “huge potential” of local shale gas reserves to avert a potential energy supply crisis.

Writing in Square Mile freesheet CityAM, Simon Walker said that in energy supply terms the UK was “on the cusp of serious problems” which were proving to be “a shameful indictment of top level indecision in recent decades”.

Walker pointed to research by the British Geological Society, which is reportedly set to release new estimates of how much shale gas lies in UK territory; these would “absolutely dwarf its previous, cautious estimate of 5trn cubic feet”, he said.

“Even if we are half as successful as the Americans at extracting it we should have enough to provide 10% of the UK’s gas needs for the next 103 years.”

Highlighting what he called “expensive gas imports and ageing coal-fired power stations” the IoD boss urged the UK to follow other countries and embrace new nuclear power generation capacity.

“The surprise lies in Britain’s failure to follow the logic that the rest of the world finds obvious,” he added.

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