Ifwecouldjust.......
Well-Known Member
It's perhaps too late for new gas now because gas demand is going to fall over time. You have to remember that our energy is expensive at the moment because supply fell due to COVID and the Ukraine war which cut us off from Russian supply. Demand however hasn't really changed and it'll probably reduce over the next 20-30 years. Gas bills will fall in time back to where they were, I think forward bought wholesale gas has already returned to 2019 prices.
The Tories sold off our gas storage capacity years ago because of this and as renewables were set to takeover, it's just that no-one really saw a natural gas squeeze coming. We need to aspire to become like Norway who is now completely reliant on renewables so they don't need to produce gas for themselves but as with oil they still drill it and sell it off.
I bet the Norwegian state-owned producer has made an absolute fortune over the last few years. It's the prime reason why the Norwegian pension vehicle is one of the richest sovereign wealth funds in the world.
Do you mean like the 'sovereign Wealth Fund' the UK should've had ?....... but the Tories sold it off.