Labour‘s Net Zero push could result in unaffordable energy prices and make the drive a ‘complete and utter failure’, the boss of British Gas has warned.
Chris O’Shea, the chief executive of Centrica, which owns the supplier, urged the Government to strike a balance between green energy and affordable bills.
It comes after Energy Secretary Ed Miliband’s policies have been blamed for last month’s dramatic rise in energy bills.
Mr O’Shea, whose supplier has 7.5million customers in the UK, said he was supportive of calls for more wind and solar energy but said Britain must ensure ‘we don’t end up with an energy system that’s unaffordable’.
‘Because if we’ve got a 100 per cent clean energy system and nobody can afford it, that will be a complete and utter failure,’ he told BBC Radio 4 today, adding that ‘an energy system that’s spewing out a huge amount of carbon’ would also be a failure.
Mr O’Shea called for a debate on ‘homegrown energy’ after Labour’s manifesto pledge that it will not grant new licences for new oil and gas fields in the North Sea.
Chris O’Shea (pictured), the chief executive of Centrica, which owns the supplier British Gas, urged the Government to strike a balance between green energy and affordable bills
Mr O’Shea, whose supplier has 7.5million customers in the UK, said he was supportive of calls for more wind and solar energy but said Britain must ensure ‘we don’t end up with an energy system that’s unaffordable’ (file photo)
Though he said an increased use of wind and solar means energy prices are unlikely to return to the volatility seen after Russia invaded Ukraine in 2022.
Regulator Ofgem has previously said ‘policy costs’ imposed by Mr Miliband contributed to the price cap rising at double the rate forecast by industry analysts.
The latest rise – by about £35 to £1,755 a year – means the energy price cap will be £187 a year higher since Labour came to power.
