Speaking at the CBI conference, EDF Energy's Vincent de Rivaz has highlighted supply insecurity as the biggest power issue facing UK business, while offering his company as a provider of solutions.
Mr de Rivaz said that UK business faces serious power supply issues in the current climate due to dramatic changes over the last three years, which have left Britain short of gas and suffering from inflationary energy prices.
Furthermore, the EDF Energy head warned that the UK could become even more dependant on foreign gas in 10 years as a third of existing capacity will disappear as the UK retires obsolete coal, oil and nuclear power stations.
Therefore, Mr de Rivaz told the conference, action to ensure a diverse energy supply portfolio is needed now. He said that the market was capable of delivering this task through the realization of key goals, including: the embracement of a full spectrum of technologies – from renewables to gas, clean coal, carbon capture, micro-generation and nuclear; and the investment of at least E1 trillion over the next 20 years in Europe’s energy infrastructure, for which governmental support would also be needed.
Meanwhile, Mr de Rivaz said that his company was already taking action to improve the situation for UK business by implementing flexible contracts in conjunction with astute hedging strategies and by offering energy saving advice.
In conclusion, Mr de Rivaz told the conference that the energy market can deliver energy security, but only within the right framework.