Back in October 2021 I covered the factors that were about to cause a major energy crisis across Europe.
Continental gas self-sufficiency was about to be kneecapped by the closure of Europe’s biggest gas field, more and more oil was being diverted from the Middle East to Chinese markets and on top of that, Russia, a major world contributor to oil and gas supply, was threatening war.
Well, the war came and the energy supply issues intensified, and over the duration of the summer, Europeans watched in horror as energy bills swelled to monstrous proportions.
For various reasons including Brexit, the UK has been one of the worst hit nations and by last week, many number crunchers had predicted end-user price rises of 80% by January 2023.
The crisis arrived at a time of political transfer, with Boris Johnson handing the keys to Number Ten to his successor, Liz Truss just days ago. Truss’ appointment wasn’t exactly warmly welcomed by those in the renewables industry as historically, she has an unenviable reputation as Queen of the NIMBYs.
However, just this week, she’s addressed both the energy crisis and her bearing on renewables in one fell swoop. On both fronts, it’s surprisingly good news.