Scots face eye-watering energy bills for years to come due to windfall taxes and the shift to green energy, the boss of one of Europe’s biggest oil companies claimed.
Anders Opedal, chief exec of Norwegian energy giant Equinor, warned high bills were here to stay, partly blaming investment by firms in renewables.
But it comes after Opedal’s Equinor - which is planning the controversial Rosebank oil field off Shetland - raked in £20billion in profits in the space of just three months last year.
Meanwhile, green groups and unions have called for the UK’s National Grid to be brought entirely into public ownership to force a speedier phase-out of fossil fuels.
Speaking to BBC Radio 4’s Today programme, Opedal said Russia’s move to choke Europe of gas supplies - in retaliation against sanctions over its war on Ukraine - had stripped the continent’s energy markets of a “vital fuel”.
Opedal told BBC Radio 4’s Today programme: "We see a rewiring of the whole energy system in Europe. We need massive amounts of more renewables. We need to do the industry in a totally different way, requiring hydrogen and so on.
"This will require a lot of investment and these investments need to be paid - so, I would assume that energy bills will maybe be slightly higher than in the past.”
On the UK Government’s 35 per cent windfall tax on oil firm profits, he added: “It is affecting how we judge each project.”
Speaking ahead of attending the World Economic Forum in Davos, Switzerland, Opedal also insisted the Rosebank development - which it’s claimed could produce some 70,000 barrels of oil a day - was needed for the UK’s energy security.
However, campaigners say the project flies in the face of climate targets. It comes as the Unite union claimed the National Grid was being used as a “state-sponsored cash machine” for shareholders - instead of investing profits in initiatives to cut carbon.
They joined others in demands for the UK’s electricity network to be fully publicly-owned to aid in the transition to net zero.
The grid is set to be partly nationalised next year to allow the UK Government more control over its strategy.
But Molly Scott Cato, from the Green Party of England and Wales, said the entire organisation should be state-run.
She said: “To achieve our climate targets, it is vital that we shift to powering our lives through electricity, and the National Grid plays a vital role in this endeavour.
“We need the National Grid to be able to focus solely on ensuring we have a sustainable future, not being distracted by keeping shareholders sweet.”
It follows a report by the Common Wealth thinktank which found the business had paid investors almost £9billion in dividends and share buyback schemes over the last five years.
Top shareholders include fund managers BlackRock and the Abu Dhabi Investment Authority, along with Hong Kong billionaire Li Ka-shing’s CK Group.
Unite general secretary Sharon Graham said: “Electricity and gas networks such as National Grid are effectively state-licensed cash machines.”
A company spokesman said: “National Grid is a global business with assets split 50/50 between the UK and US.
“We are proud to be one of the largest FTSE investors in the transition to net zero.”
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