The Anonymous Widower

UK Government Approves New North Sea Gas Field, Says Tax Revenue Will Fund Clean Energy

The title of this post, is the same as that of this article on the Solar Power Portal.

This is the sub-heading.

According to the government, Jackdaw will start to supply gas to British homes and businesses as early as the end of this month

These two paragraphs give details on the Energy Wealth Fund, which will fund clean energy.

Alongside the consent from Fahnbulleh, Chancellor John Healey announced that the government will establish a new Energy Wealth Fund, which will use tax revenues from North Sea oil and gas to invest in renewable and low carbon energy projects and support the green transition.

This will see an initial £2 billion funding injection, and the government has committed to funnelling tax income from the Jackdaw site into the fund. However, Healey himself conceded that it’s too early to say how much revenue the fund will actually generate.

As John Healey is a Political Scientist from Cambridge, I hope he got someone, who knows better to build the mathematical model and add up the figures.

But I do believe it could be a good investment, as there a lot of good ideas about, some of which have already been funded by the Government.

Ones the Government and myself both like include.

  • Ceres Power – a developer of solid oxide fuel cells and electrolysers.
  • Highview Power – large liquid air batteries up to 300 MW/3.2 GWh.
  • HiiROC – a five-times more energy efficient way to create hydrogen.
  • RheEnergise – a pumped storage battery, that uses a high-density liquid.

All except RheEnergise are also backed by Centrica.

 

 

October 22, 2026 - Posted by | Energy, Energy Storage | , , , , , , , , ,

1 Comment »

  1. I am sorry but taxes do not fund government spending. So all this is bull shit. In fact the government can always finance what ever it needs to as long as the resources are available. Remember when all money was printed by the Royal Mint, owned by the government. Well now it gets it from the Bank of England, which it owns.

    Comment by Ben | October 22, 2026 | Reply


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