MANY critiques of the UK鈥檚 unfolding gas supply crisis have focused on the peculiarities of how its energy market is regulated. But that is to ignore the global scope of this crisis. In Europe, for example, gas prices are .
The UK is particularly vulnerable to gas volatility due to its 鈥渄ash for gas鈥� to replace coal for electricity generation since the 1990s. That was largely driven by economics, with a happy by-product of reducing carbon emissions.
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Now countries the world over are attempting to replicate it. In 2019, demand for gas rose more than any other energy source. It is forecast to be up strongly this year and to keep growing until 2024.
Gas advocates like to push the fuel as a 鈥渂ridge鈥� to transition the world from fossil fuels to renewable energy. Even if it weren鈥檛 for the gas industry鈥檚 manifold failings, from continued leaks to huge flaring emissions, it would be a distinctly ropey bridge. A path to net-zero emissions by mid-century needs deeper cuts than gas can deliver. Even the conservative International Energy Agency says .
鈥淔ossil fuels are not a stable, economically viable solution for our future energy needs鈥�
Yet many still argue that more fossil fuels are the answer. If only Russia would stop limiting its gas supplies to Europe, say some. Others call on the UK to exploit its shale gas reserves.
Here鈥檚 news for them: last year, 62 per cent of electricity from new renewables projects was more affordable than the cheapest low-cost fossil fuel option. That figure will only increase as wind and solar technologies mature still further. Meanwhile, volatile fossil fuel prices were the main reason Norway鈥檚 central bank .
The gas crisis should be taken for what it is: cutting the last support to the idea that fossil fuels in any shape provide a stable, economically viable solution to satisfying our future energy needs. The way forward is clear: accelerated investment in energy efficiency, low-carbon heating and renewable electricity generation and grid and storage technologies. The UK 鈥� and the world 鈥� needs to hear that message, and act on it.
