UK accelerating clean energy to protect against fossil fuel price shocks

The UK will launch a package of measures on Tuesday to accelerate ​the growth of renewable power and reduce the country's reliance on fossil fuels, which have ‌soared in cost due to the conflict in Iran, the government said, Report informs via Reuters.

The government said it will also announce steps to tackle the link between gas and electricity prices, a feature of the energy market that is blamed for Britain having some of ​the highest electricity prices in the world.

Britain's Labour government has said it sees the energy transition as a ​way to fuel much-needed economic growth, and is under pressure to meet an election pledge ⁠to cut energy costs for households.

"As we face the second fossil ​fuel shock in less than five years, the lesson for our country is clear: The era of fossil fuel ​security is over, and the era of clean energy security must come of age," Energy Secretary Ed Miliband will say at an event, according to sections of his speech released by his ministry.

Domestic energy prices are poised to soar from July, as ​the regulator's price cap enters a new pricing quarter from July to September, due to surging wholesale gas ​costs, which are currently 30% higher than before the Iran conflict began.