The Failing Energy Transition

The current energy transition is deemed inadequate as it shifts reliance from cheap fossil fuels to more expensive and less reliable renewable sources. This transition has led to soaring electricity prices in the UK, which are reported to be three times higher than in the US, highlighting a significant competitiveness issue for UK industries. For example, essential industries such as steel and fertilizer production struggle under these elevated costs, which have surged over 300% in the past five years due to government subsidies for renewable projects. This scenario raises serious concerns about the long-term sustainability and economic viability of the UK amidst a global shift towards cleaner energy.