The UK is the 6th biggest economy in the world and the energy needs of such a massive economy are no less. In terms of quantum, last fiscal year it provided for about 3% of total GDP, which is the highest as input from any sector across the economy. In terms of numbers, it added about 9.8% of direct investments or 33.6% of all industrial investment in the country. The energy sector alone employees about 180,000 members directly, and about another 2 million in allied services and indirect employment which generates about $20 billion worth of revenue annually.
Since 2004 there has continued expanded finance in the energy industry, more particularly in the electricity sector, notwithstanding falls in new years to below the 2014 level. In 2017 at £18.7 billion (at current prices) expenditure was 0.6% higher on the prior year and of that total 30% was in oil and gas ancestry, 60% in electricity, 7.5% in gas, with the outlasting in coal extraction, and coke & refined petroleum products industries.
The major sources of investment still come from the oil & gas section of the energy corpus of which a major chunk is imported via Norway, Belgium, Netherlands, and Qatar.
The energy industrial production had peaked in mid-1980 with about 12% of total investment. But in recent years, the fall in production of oil & gas, the higher maintenance costs, and exhaustion of oil wells have led to a net importer of energy label back on the UK.
Industrial corridors to the House of Commons and House of Lords are very prominent and thus its suffice to say that the non-renewable and conventional sources of energy are here to stay as long as they pull in the big money and reign their influence on the royal affairs.
Tags : MODERN ENERGY, biggest economy,