Gas crisis has ‘fundamentally changed’ economics of energy

The gas crisis that began in autumn last year and deepened with Russia’s recent invasion of Ukraine has “fundamentally changed” the economics of energy, according to Ofgem chief executive Jonathan Brearley. Speaking at a conference on Wednesday (11 May), Brearley said the massive increase in gas prices since then has brought an end to the old idea of an energy trilemma, whereby the objectives of decarbonisation, affordability and security of supply are in tension with each other.

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