GLOBAL ENERGY NEWS
Cutting energy prices will take years and rely on renewable energy
It “will take years” to get energy prices back to pre-Ukraine war levels, the boss of one of the world’s biggest energy firms has told the BBC.
Enel’s Francesco Starace, CEO of Enel Energy, said bringing energy prices down depends on new sources of energy such as renewables and heat pumps. Governments across Europe are spending billions helping business and households afford energy bills. They are also scrambling to secure new supplies.
Soaring energy prices have been the biggest contributor to inflation and the cost of living crisis in the UK, the US and the Eurozone. The global energy crisis triggered by Russia’s invasion of Ukraine “showed very clearly how dependence on one single source of energy is dangerous for Europe”, Mr Starace said. The future will be “extremely decarbonised” and depend on nuclear and renewable energy, he added.
Stephen Barrett, Managing Director of Solarsense, believes that companies need to get on the energy self-generation ladder to reduce their reliance on the volatile energy market.
“For businesses with high energy usage, it is particularly critical to act now in order to have an alternative energy supply up and running before the energy price cap ends in April 2023. There’s never been a better time to do it. With solar technology coming down in price and energy costs going in the opposite direction we are seeing payback periods for the technology as low as between 2-5 years which would have been unthinkable just a few years ago.
“Businesses should maximise the use of their roof spaces – those who have already have panels on south facing roofs may now find east/west or north facing aspects are viable, given the high costs of energy from the grid.
“Not only is making the transition to renewable sources of energy good for the balance sheet, it is also essential in the UK’s move away from fossil fuels and towards a greener, more stable, energy future.”
For more information please visit UK businesses urged to prepare for the end of Government support on energy bills.
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