August 7, 2023 | less than a minute read

The great energy transition: Who pays the bill?

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Ryan Killingback

Director

Get in touch

Ryan Killingback

Director

For decades, formulating a comprehensive energy policy has been a challenge for the UK government. A potential plan is now in sight, albeit with questions about its effectiveness. Despite relying on North Sea resources since the 1970s, the UK overlooked warnings like the 1973 oil embargo, relying on offshore wealth and tax revenue for economic transformation. Private equity funds are increasingly playing a pivotal role in driving the energy transition. Their financial support will accelerates the development and deployment of cleaner energy sources. However, will these efforts suffice to achieve the ambitious goals established by central governments?

The great energy transition: Who pays the bill? A policy on energy: it's been one of the most elusive concepts in British government, and for decades. But we might be about to get one. Whether it's the right one, that's another question. But at least it would be a plan. Since the 1970s, while continuing to burn a lot of coal for its power needs, the UK relied on the North Sea. While other European nations saw the Arab oil embargo and price hike of 1973 as a warning, Britain felt its offshore bonanza gave it a free pass. And a lot of tax revenue, to finance a fundamental reshaping of the economy, along with tax cuts.