TEQ backers predict fuel and energy rationing by 2020

The movement behind Tradable Energy Quotas (TEQs), created by David Fleming who died in November last year, is attempting to rejuvenate the system as the Government looks more towards carbon tax systems like the CRC.

In a report released today (January 18) by the Lean Economy Connection, who were commissioned by the All Party Parliamentary Group on Peak Oil, a bleak picture of a near future of fuel and energy shortages is painted.

In order to prevent this the report backs TEQ, pronounced texs, which boiled down to the basics is a system advocating giving every citizen a set number of vouchers so when they buy fuel or energy they pay in cash as well as those vouchers.

It has no absolute cap so people and businesses can buy more vouchers if they need to but it also, hopes to, treat everyone equally by offering a guaranteed minimum.

The report, called Trading Energy Quotas, claims if the Government doesn’t take action on building the infrastructure for TEQs forced rationing would have to be introduced.

The system, which was – according to its backers – favoured by members of the previous Labour Government including David Miliband, has fallen on to the back burner politically recently.

The launch was backed by Green MP Caroline Lucas, solar energy business leader Jeremy Leggett and All Party Parliamentary Group on Peak Oil and Gas (APPGOPO) chair John Hemming MP.

Mrs Lucas, MP for Brighton Pavilion, backed the report pointing out that TEQs have long been Green Party policy.

She said: “We believe that we need a fair and transparent system to reduce energy demand and give each person a direct connection to the carbon emissions associated with their lifestyle.

“The TEQs scheme would guarantee that the UK’s targeted carbon reductions are actually achieved, while ensuring fair shares of available energy.”

Mr Leggett, chairman of Solarcentury, said: “When the energy crunch hits us, government and industry must ensure equitable access to available energy within a national budget.

“TEQs is the kind of approach we will need if we are to mobilise the infrastructure of a zero carbon future fast, under pressure.”

Lib Dem MP Mr Hemming, who chaired the launch of the report, added: “What is needed is an intelligent response both to climate change and to fuel depletion.

“We welcome the model set out in the Lean Economy Connection’s report, which address both sides of the problem.

“It is the first coherent proposal to attempt to do this and it merits close attention.”

Luke Walsh