British Gas Boss: Electricity Will Cost More in 2030 Than During Russia Crisis Due to Net Zero

Energy bosses are finally coming clean

Energy industry executives are now beginning to come out in the open and tell us what some of us have been warning about all along – that, far from falling, electricity prices will continue to rise as a direct consequence of Ed Miliband’s mad obsession with Net Zero.

British Gas chief Chris O’Shea is the latest to break cover, with the Telegraph reporting:

Electricity in Britain is on track to cost more in 2030 than it did during the energy crisis triggered by Russia’s invasion of Ukraine, the boss of British Gas has warned.

Chris O’Shea said “system costs” were expected to push up power prices for the rest of the decade as the Government oversees a huge upgrade of the electricity grid to prepare for Net Zero.

He told a London energy industry conference: “Our projections show that the UK energy system will be one where by 2030 the electricity price will be higher than it was at the peak of the Russian invasion of Ukraine.

“A third of the cost of that electricity [by 2030] will be wholesale costs, and the other two thirds will be system costs.”

The warning suggests that Ed Miliband’s pledge to slash energy bills by £300 is dead in the water, unless levies on energy bills used to fund grid investment are moved to taxation.

O’Shea is not the first to put his head above the parapet. Last summer, Professor Dieter Helm said much the same and energy company bosses warned about rising renewable subsidies at a Parliamentary Select Committee in October.