North Sea a future ‘powerhouse’ of energy security, say EU and UK leaders

The North Sea is a “powerhouse” for energy security for Europe and the UK, and can accelerate the global energy sector’s journey to a low-carbon future, the European Commission President said on Thursday as the EU and the UK governments came together to reiterate their commitment to the energy transition.

“Reliable and affordable energy is the lifeblood of our economies. It sustains our industrial and economic competitiveness,” President Ursula von der Leyen told delegates at the Summit on the Future of Energy Security in London on Thursday, outlining how Europe was working to attract the clean energy industries of the future. “We will mobilise over €100 billion to support clean manufacturing,” she said.

UK Prime Minister Keir Starmer, who addressed the international summit along with President von der Leyen, underscored his government’s commitment to a low-carbon future, especially in the context of enhancing national security through energy security.

“In the UK, we're stepping up now to make energy a source not of vulnerability and worry … but a source of strength, of security and pride,” Prime Minister Starmer said.

“This government is acting now to seize these opportunities, to boost investment, build new industries, drive UK competitiveness and unlock export opportunities – in wind, nuclear, hydrogen, carbon capture, heat pumps and so much more,” he told attendees at the summit at Lancaster House.

Among those in attendance, besides the European Commission President, were Tommy Joyce, Acting US Assistant Secretary of Energy for International Affairs, and Energy Ministers and senior government officials from more than 60 governments. Convened by the International Energy Agency (IEA) in partnership with the UK Government, the summit also brings together energy executives and senior leaders from multilateral institutions. UK Secretary of State for Energy Security and Net Zero Ed Miliband and IEA Executive Director Fatih Birol are co-chairing the event.

“Energy is the foundation of modern life,” Dr Birol said in his remarks on the opening day of the summit. “But without energy security, there can be no economic stability, energy poverty will remain unsolved, and we will not be able to meet our sustainability goals.”

Listing key EU energy initiatives such as the Clean Industrial Deal and noting that growth in electricity demand had doubled last year, President von der Leyen once again underscored Europe’s commitment to tripling renewable energy production by 2030 – an agreement committed at COP28 in Dubai in 2023. Her call was echoed by Jose Ignacio Sanchez Galan, Executive Chairman of Spanish energy firm Iberdrola, who said that “electrification is unstoppable”.

The North Sea – home the world’s largest offshore wind farm Dogger Bank – is seen as the “engine room’ of the energy transition roadmap for both the UK and Europe.

The North Seas Energy Cooperation (NSEC) – a consortium of 9 North Seas countries – are working to transform the North Seas into “Europe’s green power plant” and have increasingly called for the full involvement of the UK in the journey. In a joint declaration last year, the Energy Ministers of Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands and Norway identified six key areas of collaboration, including the competitiveness of Europe’s offshore wind supply chain and the need to reinvent offshore wind financing.

The North Sea is also a mature hydrocarbon basin and a significant source of oil and natural gas for the UK and other European countries, though production has been declining in recent years. A UK government consultation on securing the North Sea’s “energy future” is expected to wrap up next week.