Britain Needs More Nuclear Not Fracking, says IEA

From The Telegraph

By Andrew Critchlow

The UK should consider building more nuclear power plants and should not expect cheap energy prices to come from a US-style “revolution” in shale oil and gas, the world’s top energy forecaster has warned.

“The UK has significant shale gas resources but people shouldn’t expect a US scale energy revolution in the UK,” Fatih Birol, chief economist and director of global energy economics at the International Energy Agency told The Telegraph in an interview on Thursday.

“The economics are not as favourable as in the US.”

Mr Birol’s comments come after Energy Minister Michael Fallon unveiled this month a raft of incentives designed to encourage shale gas fracking across the country. The Government hopes that cheap energy from shale will provide a boost to the economy on a scale seen in the US where fracking has played a major part on the nation’s economic recovery.

French energy giant Total gave the fracking industry a boost in the UK this month signing a deal to invest in licences to develop shale resources in Lincolnshire but so far it is the only major international oil company to commit in Britain.

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