Energy boss issues dire warning as net zero rush tipped to raise bills with new crisis

Over the past year, households across the UK have been gripped by the worst effects of one such fossil-fuel-driven price surge, as Russia‘s invasion of Ukraine sent wholesale natural gas prices skyrocketing.

This unprecedented energy crisis- which caused families to pay £2,500 in gas and electricity bills- has led experts to call for an increased push towards renewable energy generation.

Aside from helping the UK reach its legally binding net zero commitments, renewable energy has also been hailed as a solution to boost the UK’s energy security, while also slashing bills by reducing the country’s vulnerability to volatile gas markets.

However, Mr Looney, after raking in record profits on the back of soaring gas prices, does not think so, arguing that the supply and demand for fossil fuels would need to fall at the same pace in order to lessen the risk of “economic volatility”.

Article source: https://www.express.co.uk/news/science/1740690/energy-boss-bp-net-zero-dire-warning-bernard-looney-raise-bills