market

UK 'runs a risk' on wind power: Mix of tech is essential, Centrica boss says


Britain ‘runs a real risk’ if it focuses too much on wind power instead of a mix of technology, the boss of British Gas’ owner has warned.

In a swipe at Labour’s energy plans, Centrica chief executive Chris O’Shea pointed to figures showing that UK’s windfarms are inefficient.

The UK has around 30GW of installed wind generation capacity which generated 4.41GW of electricity on average in the last week.

Green energy: The UK has around 30GW of installed wind generation capacity which generated 4.41GW of electricity on average in the last week

Green energy: The UK has around 30GW of installed wind generation capacity which generated 4.41GW of electricity on average in the last week

This means less than 15 per cent of it was used.

Last year, wind generated 9.43GW, with around 30 per cent used, the energy boss said.

O’Shea wrote on Linked In: ‘Whilst wind power is great, we run a real risk if we focus too much on new wind as we look to decarbonise the energy system of the future.

‘A net zero future requires a range of technologies, and a good balance.’

His post comes as come as the Labour government wants a zero-carbon electricity system by the end of this decade.

Readers Also Like:  Beware hidden cost of hiding your cash in an online investment account

That will require billions of pounds of new investment in renewables. Labour’s plans include a push ahead with a state-owned energy group, Great British Energy. 

This will invest £8.3billion of taxpayer money in wind and solar power projects, as well as other green technologies, using windfall tax on oil and gas giants.

Concerns: Chris O'Shea (pictured), boss off Britih Gas-owner Centrica, has warned over recent figures showing that the UK's windfarms are inefficient

Concerns: Chris O’Shea (pictured), boss off Britih Gas-owner Centrica, has warned over recent figures showing that the UK’s windfarms are inefficient

Prime Minister Sir Keir Starmer hopes that doing this will boost the amount of UK-created renewable electricity, and lower energy bills. 

It was revealed last week the Government will use British sea-bed, owned by the Crown Estate, to help build windfarms.

But the Conservatives said GB Energy was ‘nothing but a gimmick that will end up costing families’.

O’Shea has also questioned the role of subsidies.

‘And should we ask why subsidies are needed for wind farms in the form of a guaranteed price for the electricity produced?,’ he wrote in his Linked In post.

‘It’s served us well in the past, and it may well serve us well in the future, but we should at least ask the question.’

DIY INVESTING PLATFORMS

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Free dealing and no account fee

Trading 212

Free dealing and no account fee

Trading 212

Free dealing and no account fee

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.

Readers Also Like:  Varun Beverages shares gain 0.68% as Sensex falls

Compare the best investing account for you





READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.