Fracking chairman: shale gas not going to cut prices

energy & water insights

Lord Browne, former head of BP and current chairman of the UK’s largest shale gas company Cuadrilla, said this week that fracking is unlikely to reduce gas prices. In a speech at the London School of Economics he also said that…

  • the recent strike price agreed between the government and EDF for nuclear power was “very, very expensive”
  • oil and gas currently receive more subsidies than renewable energy, which he described as “like running the heating and air conditioning at the same time”

The economic, geological, regulatory and social differences between the UK and US mean it is highly unlikely that the shale gas revolution being experienced in North America can be translated across the Atlantic, with even modest production unlikely before the mid-2020s according to most in the industry.

Despite repeated assurances from David Cameron and George Osborne that shale gas will reduce prices, Browne has recognised…

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