- Experts have warned that the UK might face energy shortfalls if it doesn’t focus on increasing the efficiency of its buildings and industrial processes.
- A Danfoss report claimed that approximately two pounds could be saved by investing in renewable energy production for every pound channelled towards energy efficiency.
Amid the ongoing energy crisis, experts have cautioned that if the UK doesn’t invest in techniques to increase the efficiency of its buildings and industrial processes, it may not be able to fuel its economic growth due to energy shortage.
According to a recent report by energy company Danfoss, the country might have to deal with energy shortfalls if it gives all its attention to creating new solar and wind power while ignoring finding ways to restrict its energy requirements.
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UK houses compared to other European nations, require more energy than any other country on the Continent. Danfoss’s Northern Europe president, Kjell Stroem, has reportedly said that curtailing energy usage is critical to meet the growing energy demand in the UK and worldwide.
Focusing on judicious energy utilisation while renewable energy is expanding is necessary, as we may not have enough green energy to meet the growing global demand. The Danfoss report claimed that two pounds could be saved by investing in renewable energy production for every pound channelised towards energy efficiency.
Energy demand is expected to keep growing over the coming decades, and despite the UK government spending massively on wind power, as well as solar and nuclear, the Danfoss report has alerted that only focusing on energy production might make the country neglect the easier option.
While the debate around energy continues, UK investors can explore the performances of the following energy stocks trading on the London Stock Exchange.
EnQuest plc (LON: ENQ)
The market cap of the British company focused on producing petroleum, EnQuest plc, stood at £531.83 at around 8:00 AM (GMT) as the market opened on Thursday. ENQ shares at the time of writing were trading at GBX 28.20. The company has given returns of 49.89% and 17.40% on YTD (year to date) and on a one-year basis as of 10 November, respectively. Having a positive EPS (earning per share) of 0.22, the company’s P/E ratio stood at 0.99.
BP plc (LON: BP.)
The market cap of the globally operating oil giant, BP plc, stood at £88,268.68 around 8:00 AM (GMT) as the market opened on Thursday. BP. shares at the time of writing were trading at GBX 471.50, tumbling by 2.20% or 10.60 points. The FTSE100 company has given 42.95% and 37.16% returns on YTD and one-year basis as of 10 November, respectively. Having a positive EPS of 0.38, the company’s turnover stood at £6,909.75.
Diversified Energy Company plc (LON: DEC)
The market capitalisation of oil and gas producer in the US, Diversified Energy Company plc, stood at £1,078.15 at around 8:00 AM (GMT) as the market opened on Thursday. DEC shares at the time of writing were trading at GBX 127.00, tumbling by 0.70% or 0.90 points. The FTSE250 company has given returns of 21.65% and 23.54% on a YTD and one-year basis as of 10 November, respectively. Having a negative EPS of -0.41, the company’s turnover stood at £32,069.06.