Ineos Energy chairman blasts UK’s Net Zero dash and warns of power cuts and inflation
Ineos Energy chairman blasts UK’s Net Zero dash and warns of power cuts and inflation
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THE chairman of Ineos Energy has attacked the UK’s Net Zero dash, saying it risks inflation and inevitable “power cuts and strain on the grid”. The chemicals group has been investing in oil and gas wells and liquefied gas around the world, including $3billion of assets in the US.
![[INEOS logo: The word for chemicals]](https://www.thesun.co.uk/wp-content/uploads/2025/01/ineos-logo-405033042.jpg?strip=all&w=281){kind=logo}
However, Brian Gilvary said that its investments would not “be economically attractive in the UK” due to Government policy shifts. He said the UK’s fortunes could be changed if the Government’s newly formed Great British Energy followed the US and China’s lead and embraced all energy on its doorstep.
![[Worker in orange INEOS uniform descending an industrial staircase overlooking the ocean.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/www-ineos-com-businesses-ineos-967362453.png?strip=all&w=960)
Currently UK electricity prices are among the world’s dearest. Writing in the company’s magazine INCH, Mr Gilvary wrote: “A balanced energy strategy needs to run at the same pace as the energy transition because it helps industry remain competitive, avoids increasing energy costs and provides a stable flow of tax for the Exchequer.”.
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Energy Secretary Ed Miliband is ploughing ahead with his Clean Power push by 2030, which will cost £40billion a year and will rely on building more infrastructure — including pylons, wind farms and undersea cables — than has been done in generations.
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Mr Gilvary said there was a risk without subsidies that the policy would prove to be “expensive and inflationary”. Analysts Cornwall Insight this week predicted only two-thirds of energy requirements would likely be met under Mr Miliband’s plan, risking a shortfall.
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