Page 7 - Gi flipbook August 2018

Ofgem appoints in competition law, was soon as possible “to protect
Deputy Chair at the UK
customers from further
economist Martin Competition Commission exploitation”, he urged last
year.
and Deputy Panel Chair
of the Competition and
The ceiling will not kill off
Cave as chairman Markets Authority from energy companies, provided
2012 to January this year.
they manage their costs
He was the competition well, according to Cave. “The
watchdog’s lone voice imposition of a wide price
A CHAMPION OF PRICE Martin Cave has been arguing for a price cap, cap on default [tariffs] would
caps and a critic of suppliers’ selected as the regulator’s nearly a year before the promote efficiency in supply
behaviour has been chosen new chair just months Conservatives adopted and need not endanger
to lead the UK’s energy before it is due to impose a the policy as a flagship the survival of efficient
regulator, Ofgem. price cap on energy bills. election pledge. providers,” he told MPs.
In an effort to toughen A Whitehall source Cave is unlikely to receive Cave said he hoped to
up the watchdog, which told The Guardian: “This a warm reception from the use his new role to protect
has been criticised for appointment would send industry, which is lobbying consumers during a period
being soft on energy firms, a clear signal to retail Ofgem to minimise the of upheaval for the industry,
regulatory economist energy bosses that the cap’s impact on profits. as more renewable power
government wants a strong He has previously accused comes online, smart meters
Martin Cave regulator to design and energy companies of are installed in millions of
bring in the cap ahead of presiding over “a market homes and new technology
the winter and protect for an essential service is introduced.
millions of households from which is presently working “Seismic change is afoot
unfair price rises.” very badly for most British in this sector and I will work
The decision to appoint households”. to ensure that the regulator
Cave, who is the preferred many consumers paying continues to protect
Cave also said that having
candidate of the Business
consumers while working
MARTIN CAVE Secretary Greg Clark, makes hundreds of pounds more with government and those
across the sector to build
clear there will be no rowing than others for their energy
back on plans for a cap.
cap should be brought in as
Cave, who specialises is causing severe harm. A an energy system fit for the
future,” he added. ■

Gas to overtake oil as world’s the industry is already taking
“Our research affirms that
primary energy source, say DNV GL positive steps to secure the
important role we forecast
gas to play in helping to
A MAJORITY OF ENERGY found that 64 per cent of traditional oil. meet future, lower-carbon
firms expect to see oil and gas sector leaders A further 86 per cent energy requirements.”
“increased investment” said that they “expect of the 813 senior industry Significantly, 72 per cent
in gas over future oil to increase or sustain” respondents surveyed said of respondents believe
exploration, a survey by a spending on gas projects they expect gas, such as that, as traditional coal
technical advisory company this year as the industry as natural gas, to “play and energy generation becomes
to the sector has revealed. a whole looks to prioritise increasingly important role” obsolete over the coming
The survey by DNV GL gas energy sources over in the energy mix, up from decades, the long-term
77 per cent last year. attractiveness of gas will
Gas leaders say they expect to The Transition in Motion significantly improve.
increase or sustain their spending report findings show the Ms Hovem added:
oil and gas industry future “Significant investment
outlook and seeks to will be needed in the gas
identify the primary drivers industry over the coming
for investment within the decades to increase
global energy transition, capacity, transform assets
reports Energy Voice. to source and transport
Liv Hovem, CEO of a decarbonized mix of
DNV GL – Oil & Gas, said: energies, and to safely
“Society’s transition to a build and maintain the
less carbon-intensive energy infrastructure needed to
mix is already a reality, and connect emerging supply
oil and gas will continue to regions with evolving
be crucial components. demand centres.” ■

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News.indd 2 19/07/2018 12:46