Greg Jackson, founder and chief executive of Octopus Energy, has warned that the UK must urgently reduce its reliance on gas imports following the Iran crisis. Speaking as the conflict drives global fuel prices higher, Jackson argued that Britain's energy vulnerability has been exposed, with geopolitical events beyond its control causing price spikes.
Jackson, who also serves on the Cabinet Office Board, said the UK should pursue a pragmatic approach to energy security. He dismissed the idea that the North Sea could provide enough gas to meet demand, noting that easy-to-reach reserves have depleted and gas is now traded internationally. 'We're deluding ourselves if we think we can get enough out of the North Sea,' he said.
Instead, Jackson called for a mix of solutions: cutting waste, expanding wind and solar power, installing heat pumps, and reforming electricity storage. He criticised the practice of paying wind farms to switch off on windy days, calling it 'madness', and urged investment in storage to flatten grid demand.
Jackson also advocated for nuclear power but cautioned that new plants take 10–15 years and require private sector funding. He opposed expensive technologies like carbon capture and hydrogen, and called for breaking the link between electricity and gas costs. 'The Iran crisis must act as a wake-up call,' he said.
