The UK energy system is in flux. It is changing more quickly – and more fundamentally – than at any point since the Industrial Revolution.
Since 2008, European utilities have lost over €100 billion in value. New players and new business models have started to gain traction, and technological change – not only from within the energy sector, but from outside too – promises a future much different from today.
This report sets out fresh insight into the factors at play. Drawing on in-depth discussions with six ‘Wise Minds’ – senior industry and political leaders who have recently left the established energy sector – the report outlines what these experts see as driving the energy transition, how the system is changing, and what these changes mean for the large utilities that currently dominate the sector.
Given the critical importance of energy to a functioning society, there is an urgent need for investors, regulators and sector leaders to engage proactively to ensure the transition is smooth, just and effective – and delivers the best outcomes for British households. Forum for the Future and Friends Provident Foundation hope this report will help to guide that engagement.