Until early 2022 it was assumed that the days of gas – and other fossil fuels – as an energy source were numbered. However, the Russian invasion of Ukraine and the economic consequences of the upheaval in energy markets have “increased the amount of attention paid to energy security”, says George Grant of Stag Energy. This in turn has “led to a greater acceptance of natural gas” as an energy source. However, the surge in interest in gas isn’t just a short-term trend. It is a response to a growing awareness that it will play a key role in the transition to renewable energy, a shift that will take longer than widely expected.
Renewables remain unreliable
Renewable energy is getting cheaper and more efficient, while it also stands to benefit from the determination of governments around the world to meet ambitious targets for reducing carbon emissions. However, it will be some time before they can completely replace traditional sources of energy. In some cases, even building enough capacity to meet peak demand may be difficult, says Dominic Whittome, economist at Prospect Law. For example, while Britain’s cloudy climate means that offshore wind power is the most cost-effective source of renewable energy, “most of the sweet spots in the
