‘Vaccination-style’ intervention needed to solve energy crisis, UK energy boss says – CNBC

by | Nov 14, 2022 | Energy

Gas prices have soared to record levels over the last year as higher global demand has been intensified in Europe.Sean Gladwell | Moment | Getty ImagesLISBON, Portugal — The U.K. should embark on a “vaccination-style” effort to address surging energy prices and prevent future energy crises from happening, according to the boss of gas and electricity supplier Ovo Energy.The average U.K. household faces paying a £2,500 ($2,900) annual bill for the next two years, up from £1,400 in October 2021. That’s even after a cap on consumer energy bills was imposed by the government in early September.Ovo CEO Raman Bhatia called for action of a similar scale to that of the country’s rollout of Covid vaccines, an initiative core to its lockdown exit strategy.”There needs to be a very active intervention, vaccination-style,” Bhatia said onstage at the Web Summit tech conference, in a fireside chat moderated by CNBC.In Europe, a combination of cold weather, oil and gas shortages stemming from Western sanctions on Russia over its invasion of Ukraine and a resulting surge in prices has threatened to upend lives and businesses.The crisis has its roots in the Covid pandemic as the reopening of economies led to a sudden energy demand surge. Already, people are struggling to pay their energy bills, while some have refused to pay.In the U.K., the government sought to alleviate pressure on households and businesses with its rebate program which gives people …

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