Energy crisis could have been lessened if more had been done to shift UK market towards renewables
The gas supply crunch has prompted a flurry of government meetings with industry, and reassurances in parliament on Monday from the business secretary, Kwasi Kwarteng, that “there is no question of the lights going out” and that the UK is “highly resilient”.
But the supply issue demonstrates that fossil fuels are inherently subject to wild price fluctuations, which happen at least once a decade, according to Roger Fouquet, of the London School of Economics. “Price volatility is an inevitable part of the fossil fuel energy system,” he said. “Renewables do not suffer from these market-related problems.”
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