{"id":73136,"date":"2022-12-04T02:10:04","date_gmt":"2022-12-04T02:10:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/12\/04\/cutting-energy-prices-will-take-years-power-boss\/"},"modified":"2022-12-04T02:10:04","modified_gmt":"2022-12-04T02:10:04","slug":"cutting-energy-prices-will-take-years-power-boss","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/12\/04\/cutting-energy-prices-will-take-years-power-boss\/","title":{"rendered":"Cutting energy prices will take years – power boss"},"content":{"rendered":"
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It “will take years” to bring energy prices back to pre-Ukraine war levels, the boss of one of the world’s largest energy companies has told the BBC.<\/b><\/p>\n<\/div>\n

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Enel’s Francesco Starace said lowering prices depends on new energy sources such as renewables and heat pumps.<\/p>\n<\/div>\n

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Governments across Europe are spending billions to help businesses and households afford energy bills.<\/p>\n<\/div>\n

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They are also scrambling to secure new supplies. <\/p>\n<\/div>\n

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Mr Starace said the company, which produces and distributes electricity and gas, has been trying to protect its 20 million European customers from energy market volatility this year.<\/p>\n<\/div>\n

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They did their best to stick to the agreed fixed-price contracts, he said.<\/p>\n<\/div>\n

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Breaching customer confidence would do more harm to the company than a hit to full-year results, he said.<\/p>\n<\/div>\n

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The Italian energy giant sells electricity to more than 70 million homes and businesses in over 30 countries.<\/p>\n<\/div>\n

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  • Germany helps pay energy bills when prices rise<\/li>\n
  • High UK energy bills are blamed on decades of mistakes<\/li>\n
  • Why is there a global energy crisis? <\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    But Enel plans to exit many of those countries as it focuses on renewable energy and becomes carbon neutral by 2040.<\/p>\n<\/div>\n

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    It also wants to reduce its huge debt of around $63 billion (\u00a352 billion).<\/p>\n<\/div>\n

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    It’s investing heavily in solar panel manufacturing as it expands an existing factory in Sicily and builds a new one in the US. <\/p>\n<\/div>\n

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    Rising energy prices have been the biggest contributors to inflation and the cost of living crisis in the UK, US and the eurozone.<\/p>\n<\/div>\n

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    The global energy crisis triggered by Russia’s invasion of Ukraine “shows very clearly how dangerous dependence on a single energy source is for Europe,” Starace said.<\/p>\n<\/div>\n

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    The future will be “extremely decarbonized” and dependent on nuclear and renewable energy, he said.<\/p>\n<\/div>\n

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    However, switching to renewables also entails risks.<\/p>\n<\/div>\n

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    In July, the International Energy Agency said China’s dominance in solar and wind turbine production “creates potential challenges that governments must address.”<\/p>\n<\/div>\n

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    Mr Starace said the West is overly dependent on China for renewable energy and other commodities.<\/p>\n<\/div>\n

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    “Some balance has to happen because it’s healthy,” he said when asked about geopolitical tensions affecting energy supplies. <\/p>\n<\/div>\n

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    This has helped spur Enel’s investments in solar panels, although the expansion of the Sicilian factory will still only meet 10% of Europe’s needs, he said.<\/p>\n<\/div>\n

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    Political leaders have also recognized that Europe needs to draw its energy from more places.<\/p>\n<\/div>\n

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    According to the European Council on Foreign Relations, the EU and its member states signed 56 energy agreements with 23 countries this year.<\/p>\n<\/div>\n

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    Recent included a 15-year deal for Germany to source liquefied natural gas (LNG) from Qatar through a deal with ConocoPhillips.<\/p>\n<\/div>\n

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    Norway is also increasing natural gas production and the world’s largest producer, the USA, is producing record quantities.<\/p>\n<\/div>\n

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    That means the chances of Europe repeating its dependency on Russia with another country are “pretty slim,” according to Megan Richards, former director for energy policy at the European Commission.<\/p>\n<\/div>\n

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    “A lot of work has been done” to replace Russian energy, she added, before warning: “I think Europe will be domestically independent for a very, very long time, if ever,” although “renewable energy will increase dramatically.” .<\/p>\n<\/div>\n

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    You can watch Francesco Starace’s full interview on Talking Business with Aaron Heslehurst <\/i>BBC iPlayer.<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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