The CEO of Britain’s biggest energy supplier has outlined what customers can expect in the coming months if the Strait of Hormuz remains closed.
The closure of the Strait during the Iran war, a key shipping lane crucial for the supply of a fifth of global oil and gas, sent oil prices soaring.
Speaking to BBC Radio 4 on Monday (27 April), Octopus Energy boss Greg Jackson said: “If it opens before the end of May, then there is a chance of it being not that bad. And if it goes on beyond August, things get even more serious.”
The government has stepped up planning for how to offset potential shortages sparked by the conflict.
A contingency planning group of ministers led by the chief secretary to the prime minister, Darren Jones, is meeting twice a week. They are focusing on live monitoring of stock levels and seeing what plans are in place to address supply chain disruption.
