Jan 12, 2022
British Gas owner warns energy crisis to last two years
Soaring energy prices which threaten the living standards of millions could last up to two years, the boss of the UK's biggest energy supplier has said. "The market suggests the high gas prices will be here for the next 18 months to two years," Mr O'Shea told the BBC.Many countries see gas as an intermediate solution while they wean themselves off more carbon-intensive energy sources, such as oil and coal, creating an international dash for gas as the world economy wakes up after its Covid-related slumber. "We bring gas in from the United States, from Norway, from Europe, from Qatar, from other places. So we're not in a position to simply have the UK as an isolated energy market. We are part of a global market." "The way the warm homes discount works is that the cost of that scheme is met by customers. So if you increase it, you increase energy bills and we think that whatever relief comes is got to not be at the expense of hard-pressed energy consumers," he added. Another option proposed by some in the energy industry is to find a way to provide support to energy companies via loans or a fund, which firms could borrow from when wholesale prices are high and pay back once they've fallen.
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