RE: Market response15 May 2023 10:35
@Thungelaberg that article wasn't behind a paywall for me, in summary:
• The UK will be left dependent on imported gas unless it speeds up the rollout of heat pumps and other renewable energies.
• UK reserves of gas in the North Sea are steadily diminishing – meaning the UK will have to look elsewhere to meet demand.
• Wholesale gas prices predicted to stay two to three times higher than before the crisis, that means being dependent on an expensive fuel.
• Oil and gas production in the North Sea is expected to fall from the equivalent of more than 90.3 million tonnes in 2019 to roughly 46.3 million in the next five years
• Many North Sea producers have scaled back their businesses
• Need to move to lower carbon energy, but the scale of the change means it will take years. There is no simple choice between oil and gas and renewables – for the foreseeable future we will need both
• Government is encouraging households to replace gas boilers with electric heat pumps hoping 600,000 will be installed per year until 2028