Centrica CEO Chris O’Shea provides a comprehensive overview of the challenges and opportunities facing the UK energy sector. He begins by addressing the recent collapse of Tomato Energy, emphasising that when energy suppliers fail, the costs are ultimately borne by consumers. He calls for stronger regulation and greater financial resilience among energy companies, criticising Ofgem for a lack of transparency. He argues that the current system allows "profits to be privatised while losses are socialised".

O’Shea discusses the government’s net zero by 2030 target, describing it as “unbelievably ambitious” but necessary to drive progress in the industry. He stresses the importance of a balanced and paced transition, warning that moving too quickly could leave communities behind, as happened with the closure of coal mines in Fife. The interview explores the decline of the North Sea oil industry and its impact on Aberdeen, with O’Shea noting that the full effects on jobs have yet to be felt. He highlights Centrica’s commitment to job creation and apprenticeships, aiming to take on one apprentice every day for the next decade.

Drawing on his own experience of job insecurity as a graduate, he underscores the need for careful planning and investment in skills to ensure a just transition. He also addresses the challenges of the energy transition, acknowledging that it will be neither cheap nor easy, but insisting that it is essential for the country’s future.

Presenter :Sean Farrington

Timecodes: