UK Energy Sector: Navigating Challenges and Embracing Promising Future
Key Ideas
- George Morrison of Aquaterra Energy applauds UK's commitment to 11 new green hydrogen projects and £22 billion for CCS.
- Challenges remain, especially from the effects of the profits levy, requiring swift regulatory action and infrastructure investment.
- Morrison stresses the need for robust supply chain support and advancements in electrolyser technology for green hydrogen at scale.
- Success of projects depends on strategic measures to transition from planning to operational powerhouse.
After the UK's Autumn Budget announcement, George Morrison, CEO of Aquaterra Energy, praised the government's dedication to 11 new green hydrogen projects and a substantial investment in Carbon Capture and Storage (CCS). Despite this positive step, challenges persist, including impacts from the profits levy. Morrison emphasized the importance of quick regulatory decisions, strategic infrastructure investments, and strong support for the supply chain. He also highlighted the necessity of boosting electrolyser technology for green hydrogen production at a larger scale. Morrison underscored that the projects need these elements in place to move from conceptualization to successful operation. The article also mentions the response from Terry Allan, CEO of nexos, providing insights into the UK Autumn Statement and its implications for engineering, procurement, and construction (EPC) companies in the oil, gas, and new energy sectors.