UK 'must not bet its future' on cheap gas, report warns - 05/03/2012
The UK government has been warned against betting its future energy policy on cheap gas, as the market for this fuel source remains highly uncertain.
This is according to a study by Imperial College London and the UK Energy Research Centre on behalf of the Guardian, which stated hoping for prices for this commodity to fall are "folly".
It found forecasts for future gas prices are far wider than those for renewable energy sources, which could make wind-generated electricity cheaper than power from the fossil fuel within five years.
Despite this, subsidies for oil and gas are currently around five times higher than those for green energy, the report stated.
Dr Robert Gross of Imperial College London said: "If we give up on renewables now, especially offshore wind, then the cost reductions we could have achieved through early action will have been foregone."
Meanwhile, a recent survey by the Guardian found many companies in the wind power sector are worried the government may withdraw some of its support for the technology.
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