As the Conservative government is about to pass its first Energy Bill, Alexander Temerko argues that the sector requires structural reforms to flourish, not some minor changes.

Energy investments require long-term planning spanning 20-25 years and the government fails to understand that. The dwindling oil production in the North Sea, phasing out of old power generation and growing electricity demand require immediate action. Ministers should start listening to the industry and not be ashamed to request expertise from those working in the sector. Boris Johnson is best placed to chair such reforms, as he is experienced managing large-scale projects.

Fundamental restructuring is urgently needed, framed with a long-term vision – only then the UK energy sector can truly be brought into the 21st century.