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| Cutting energy prices will take years - power boss | Cutting energy prices will take years - power boss |
| (4 months later) | |
| Enel is increasing production of solar panels to produce electricity such as those in use at its plant in Serre, Italy | Enel is increasing production of solar panels to produce electricity such as those in use at its plant in Serre, Italy |
| It "will take years" to get energy prices back to pre-Ukraine war levels, the boss of one of the world's biggest energy firms has told the BBC. | It "will take years" to get energy prices back to pre-Ukraine war levels, the boss of one of the world's biggest energy firms has told the BBC. |
| Enel's Francesco Starace said bringing prices down depends on new sources of energy such as renewables and heat pumps. | Enel's Francesco Starace said bringing prices down depends on new sources of energy such as renewables and heat pumps. |
| Governments across Europe are spending billions helping business and households afford energy bills. | Governments across Europe are spending billions helping business and households afford energy bills. |
| They are also scrambling to secure new supplies. | They are also scrambling to secure new supplies. |
| Mr Starace said the company, which produces and distributes electricity and gas, tried to shield its 20 million European customers from energy market volatility this year. | Mr Starace said the company, which produces and distributes electricity and gas, tried to shield its 20 million European customers from energy market volatility this year. |
| It did its best to stick to the fixed-price contracts it had agreed, he said. | It did its best to stick to the fixed-price contracts it had agreed, he said. |
| Breaking customer trust would inflict greater damage on the firm than a hit on one year's results, he said. | Breaking customer trust would inflict greater damage on the firm than a hit on one year's results, he said. |
| The Italian energy giant sells power to more than 70 million homes and businesses in over 30 countries. | The Italian energy giant sells power to more than 70 million homes and businesses in over 30 countries. |
| Germany helps pay energy bills as prices soar | Germany helps pay energy bills as prices soar |
| High UK energy bills blamed on decades of mistakes | High UK energy bills blamed on decades of mistakes |
| Why is there a global energy crisis? | Why is there a global energy crisis? |
| But Enel is planning to leave many of those countries as it focuses on renewable energy and becoming carbon neutral by 2040. | But Enel is planning to leave many of those countries as it focuses on renewable energy and becoming carbon neutral by 2040. |
| It also wants to cut its huge debts of around $63bn (£52bn). | It also wants to cut its huge debts of around $63bn (£52bn). |
| It is investing heavily in making solar panels as it expands an existing factory in Sicily and builds a new one in the US. | It is investing heavily in making solar panels as it expands an existing factory in Sicily and builds a new one in the US. |
| Enel's Francesco Starace says that new supplies of renewable energy are key to cutting prices | Enel's Francesco Starace says that new supplies of renewable energy are key to cutting prices |
| Soaring energy prices have been the biggest contributor to inflation and the cost of living crisis in the UK, the US and the Eurozone. | Soaring energy prices have been the biggest contributor to inflation and the cost of living crisis in the UK, the US and the Eurozone. |
| The global energy crisis triggered by Russia's invasion of Ukraine "showed very clearly how dependence on one single source of energy is dangerous for Europe", Mr Starace said. | The global energy crisis triggered by Russia's invasion of Ukraine "showed very clearly how dependence on one single source of energy is dangerous for Europe", Mr Starace said. |
| The future will be "extremely decarbonised" and depend on nuclear and renewable energy, he said. | The future will be "extremely decarbonised" and depend on nuclear and renewable energy, he said. |
| However, that shift to renewables also has risks. | However, that shift to renewables also has risks. |
| In July, the International Energy Agency warned that China's dominance of the solar industry creates "potential challenges that governments need to address". | In July, the International Energy Agency warned that China's dominance of the solar industry creates "potential challenges that governments need to address". |
| Mr Starace said the West has been over-reliant on China for renewables and other goods. | Mr Starace said the West has been over-reliant on China for renewables and other goods. |
| "Some rebalancing needs to be happening because it is unhealthy," he said, when asked about geopolitical tensions interfering with energy supplies. | "Some rebalancing needs to be happening because it is unhealthy," he said, when asked about geopolitical tensions interfering with energy supplies. |
| This has helped drive Enel's investment in solar panels, although the expansion of the Sicilian factory will still meet only 10% of Europe's needs, he said. | This has helped drive Enel's investment in solar panels, although the expansion of the Sicilian factory will still meet only 10% of Europe's needs, he said. |
| Watch: Ros Atkins on...Russian gas and oil | Watch: Ros Atkins on...Russian gas and oil |
| Watch: Ros Atkins on...Russian gas and oil | Watch: Ros Atkins on...Russian gas and oil |
| Political leaders have also acknowledged that Europe needs to get its energy from more places. | Political leaders have also acknowledged that Europe needs to get its energy from more places. |
| According to the European Council on Foreign Relations, the EU and its member states have signed 56 energy deals with 23 countries this year. | According to the European Council on Foreign Relations, the EU and its member states have signed 56 energy deals with 23 countries this year. |
| Among the latest was a 15-year deal for Germany to get liquefied natural gas (LNG) from Qatar through a contract with ConocoPhillips. | Among the latest was a 15-year deal for Germany to get liquefied natural gas (LNG) from Qatar through a contract with ConocoPhillips. |
| Norway is also boosting natural gas production and the world's biggest producer, the US, has been pumping out record amounts. | Norway is also boosting natural gas production and the world's biggest producer, the US, has been pumping out record amounts. |
| This means the chances of Europe repeating its dependence on Russia with another country are "quite low", according to Megan Richards, a former director of energy policy at the European Commission. | This means the chances of Europe repeating its dependence on Russia with another country are "quite low", according to Megan Richards, a former director of energy policy at the European Commission. |
| "A lot of work has been done" to replace Russian energy, she added, before warning: "I think Europe will not be completely domestically independent for a very, very long time, if ever" even though "renewables will increase dramatically". | "A lot of work has been done" to replace Russian energy, she added, before warning: "I think Europe will not be completely domestically independent for a very, very long time, if ever" even though "renewables will increase dramatically". |
| You can watch Francesco Starace's interview in full on Talking Business with Aaron Heslehurst on BBC iPlayer and on BBC World News on Sunday at 05:30 and 16:30 GMT and Monday at 08:30 GMT. | You can watch Francesco Starace's interview in full on Talking Business with Aaron Heslehurst on BBC iPlayer and on BBC World News on Sunday at 05:30 and 16:30 GMT and Monday at 08:30 GMT. |
| Related Topics | Related Topics |
| Wind power | Wind power |
| Europe | |
| Russia-Ukraine war | Russia-Ukraine war |
| Global energy crisis | Global energy crisis |
| Europe economy | Europe economy |
| Solar power | Solar power |
| Global economy | Global economy |
| Russia | Russia |
| Inflation | Inflation |
| Global trade | Global trade |
| Cost of living | Cost of living |
| Energy service companies | Energy service companies |
| Climate change | Climate change |
| Nuclear power | Nuclear power |
| Efficient energy use | Efficient energy use |
| Wind turbines | Wind turbines |
| Italy | Italy |
| European Union | European Union |
| Qatar | Qatar |
| United States | United States |
| Renewable energy | Renewable energy |
| Natural gas | Natural gas |
| Trade | Trade |