Emma Pinchbeck, Chief Executive of Energy UK, addressed the audience at the Energy UK Annual Conference, highlighting the broader challenges affecting the energy sector.
Discussing global energy challenges, Ms Pinchbeck emphasised the interconnectedness of energy security and access amid ongoing conflicts.
Emma Pinchbeck noted the impact on energy prices, especially the rising cost of oil.
In the UK, wholesale prices have fluctuated since the Ukrainian conflict, leaving millions struggling with bills and retail sector debt at a record high.
The boss of the trade association said: “The pandemic, rising inflation, and competition for skilled labour, supply-chain companies and the materials and commodities of the modern economy are causing real pressures for industry and for global trade.
“The costs of projects have gone up by as much as 40% – such that no offshore wind developers could bid into the government’s most recent renewables auction. And hanging over all of this, the havoc that rising temperatures and extreme weather are already inflicting on countries and people across the world.”
Ms Pinchbeck said the UK needs “a power sector two to three times the size of the one today to power that future economy and to build five times the amount of infrastructure in the decade ahead as in the previous three.”
