Fracking could ease energy problems, says Institute of Directors

WEST Midlands Institute of Directors (IoD) chairman John Rider has welcomed the news that the Government is to proceed with fracking.

Rider says that fracking – a method used to extract gas from shale – could be part of the answer to the threatened energy shortage and has cautioned against the sort of stop/start approach which he believes has bedevilled the renewables sector.

Fracking is controversial, however, because the extraction process has been shown to be the cause of a number of small earthquakes.

“The news that fracking has been given the green light is very welcome for businesses, which need affordable, reliable and secure energy,” said Rider.

“We have seen companies pull out of proposed nuclear projects and recent Government confusion on solar and wind power. And, in terms of industry costs, this is all being exacerbated by high petrol prices which are once again getting out of hand.

“The Government has been struggling to get to grips with a longer-term energy strategy. Fracking could be part of the answer.”

Rider points out that shale gas is a plentiful, low cost fuel that offers an opportunity to fill the energy gap left by the closure of coal fired power stations and the unreliability of renewables.

Fracking has helped drive down American natural gas prices to a quarter of UK levels and could be self-sufficient in natural gas by 2030 as a result of fracking.

“The UK has stringent safety standards, and now fracking has been approved by independent experts we should push ahead to make the most of this huge natural resource,” said Rider.