Centrica CEO calls for energy policy shift at Labour Conference in Liverpool
- Centrica's CEO, Chris O'Shea, called for energy policy to be managed by professionals rather than politicians at the Labour Conference.
- Labour's proposed windfall tax increase on energy companies has raised concerns among union leaders about potential job losses in the oil and gas sector.
- The discussions reflect broader challenges in the energy industry, emphasizing the need for balanced policies to ensure investment and job security.
At the Labour Conference in Liverpool, Chris O'Shea, CEO of Centrica, argued for the removal of energy and climate policy from political control, suggesting that professionals should manage these areas instead. He criticized politicians for their focus on short-term election cycles, advocating for a model similar to the independence granted to the Bank of England by Gordon Brown. O'Shea's comments came amid discussions about Labour's proposed increase in windfall taxes on energy companies, which he viewed more favorably than GMB union leader Gary Smith, who expressed concerns about high taxes potentially harming the oil and gas sector. Smith warned that such taxation could lead to job losses and criticized Labour's plans to ban new North Sea oil and gas licenses, indicating that GMB's support for Labour could diminish if these policies result in layoffs. The North Sea's declining fossil fuel reserves and the financial struggles of companies like Thames Water further complicate the situation, highlighting the need for careful policy considerations to avoid scaring off investment in the energy sector.