Coming clean on the cost of energy transition
Dr Vincent Thornley, Managing Director, Fundamentals, discusses how the UK is facing a trilemma, and how can it balance energy security with sustainability and cost.
Rising gas and oil prices are pushing average energy bills to record highs and Ofgem’s latest review raised the price cap by 54%. As a result, dual fuel bills are estimated to increase to a record £1,971 from April 2022 and Cornwall Insight has recently warned that the cap could climb by another £600 by the end of the year as volatility in the energy market drives prices even higher. The UK is facing a trilemma – how can it balance energy security with sustainability and cost?