Monday 22 January 2024

Energy boss warns of higher energy bills for net zero

The Chairman of Siemens Energy, Joe Kaeser, has asserted that energy bills will need to increase to facilitate the transition to a green economy.

Mr Kaeser highlighted the challenging reality of transformation costs, urging acceptance of higher pricing by consumers.

In an interview with The Telegraph, the boss of Britain's biggest wind turbine manufacturer said: "Every transformation comes at a cost and every transformation is painful. And that's something which the energy industry and the public sector - governments - don't really want to hear.

"I believe that for a while (customers) need to accept higher pricing. And then there might be innovation - about the weight of the blades, other efficiency methods, technology - so the cost can then go down again. But the point is, if there is no profit pool in an industry, why should that industry innovate?"