Gas crisis: Expert issues warning over 'significant' price rises
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Eight in 10 of the UK’s biggest energy users have said they are concerned by the rapid rise of energy prices, leading to many being worried it could put their environmental investments at risk. According to a new survey, energy-intensive companies largely have plans to cut their carbon emissions.
90% of the companies said that they planned to invest more than 7% of their revenues on reaching net zero over the next five years.
However as the gas crisis intensifies, a third of the companies surveyed stated that have considered delaying or even putting off some of the investments in reaching net zero.
The price of gas has multiplied several times compared to a year ago. It is due in part to high demand from China, low wind speeds in Europe and restricted supply
The gas prices in the UK and the EU has skyrocketed in the past year, partly due to high demand from countries post-pandemic, low wind speeds in Europe and restricted supply from Russia.
Europe has felt the effects of relying on Moscow for its gas supplies.
Russia’s state-owned gas giant, Gazprom, has been diverting gas away from the West through the Yamal-Europe pipeline for over two weeks straight.
The move has seen gas prices soar by 30 percent.
In the UK, some experts predict that energy bills could rise from an average of £1,277 per year to £1,865.
The price cap, which will be announced in February, is likely to rise significantly, with an increase of up to £600 predicted by some experts.
Vattenfall Networks managing director Stewart Dawson said: “Businesses across the UK are clearly alive to the need to tackle climate change and reach net zero.
“But without the right investment in their networks and systems, plans to switch to electric vehicles and increase their self-generation will have to be shelved if their networks can’t cope.
“The decisions they make now will make or break their plans to tackle climate change. We need to make it easier for businesses to gain access to the advice and support to show the options available to them to reach net zero in the most affordable way possible.”
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The survey was conducted on 500 senior decision-makers in firms around the UK, with many saying that they are considering abandoning some green investments.
Some of these investments could include improving energy efficiency, installing chargers for electric cars and buying solar panels for roofs.
As Russia supplies Europe with more than 40 percent of its gas, it appears difficult for the bloc to escape the clutches of the Kremlin’s energy squeeze.
But having been hit with delays, Mr Putin has been accused of deliberately withholding gas from Europe in order to speed up its certification of Nord Stream 2.
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