According to Dr Simon Cran-McGreehin, the head of analysis at ECIU, the North Sea’s output is declining and is running out of gas. He emphasizes that relying on heat pumps is a better alternative since it reduces dependence on foreign gas, especially with the predicted high wholesale gas prices. Oil and gas production in the North Sea is expected to decrease significantly in the next five years. The introduction of a 75% tax rate on oil and gas companies has led many producers to scale back their operations. Mike Tholen, director of sustainability at Offshore Energies UK, agrees that a transition to lower carbon energy is necessary but acknowledges that oil and gas will still be required during this period. The surging gas prices caused by Russia’s invasion of Ukraine highlighted the dangers of relying heavily on imported fossil fuels. The UK currently imports around half of its gas, with Norway being the largest supplier. Without alternatives, this reliance could increase to 85% by 2035. The government is pushing for households to switch from gas boilers to electric heat pumps as part of its net zero goals.
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