Equinor chief executive Anders Opedal who is the boss of one Europe’s largest gas companies has warned energy bills will remain high for a few years.
Opedal said a lot of countries are used to having cheap oil and gas and that a lot of energy has been wasted and the industry needs to look in “a totally different way” such as “hydrogen and so on.”
Since Russia started the war in Ukraine, the European energy market has now lost their largest supplier of gas.
Equinor chief executive has said that societies must now stop thinking that energy is in an abundant supply, because it is no more.
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He told BBC Radio 4’s Today programme, “I think we need to treat energy as something that is not abundant. It actually has a value. I think we’ve had a lot of cheap energy in the past and we’ve probably wasted some of it.
“So, to make sure that we are making the right investments everyone wants to use as little energy as possible.”
Millions of households have been protected by the government with the energy price cap and the average energy bill would have been £4,279 from October to December 2022.
The average energy bill has risen from £1,300 to £2,500 which includes the government support package for households.
Opedal said, “We will see more and more normal prices in a couple of years’ time.”
He added, that we need “massive amounts” of renewables such as “hydrogen” and this will require a lot of “investment.”
Opedal said, “We see a rewiring of the whole energy system in Europe in particular after the gas from Russia was taken away. We need massive amounts of more renewables.
“We need to do the industry in a totally different way, requiring hydrogen and so on.
“This will require a lot of investment and these investments need to be paid. So I would assume that energy bills will maybe be slightly higher than in the past, but not as volatile and high as they are today.”
A spokesperson from a revolutionary hydrogen company, H2OPE Group told LondonLovesBusiness.com, “Hydrogen is the best way to replace our fossil fuel usage, not only in the long term, but also right now.
“Hydrogen technology can supplement natural gas in most cases, which is more sustainable than solar power, and over the long term will allow the UK to become a leading innovator in the clean, green, and sustainable power source.”