2016 saw significant changes in the energy markets. A great deal of this was due to sociopolitical factors (Brexit, US Presidential Election, Syria conflict, IS attacks - unfortunately we could go on). However, another major factor was a shift from traditional methods of energy production to sustainable sources such as wind and solar energy.
A record number of oil and gas firms went bust last year, reflecting the global reaction to the environmental impact of burning fossil fuels, coupled with the improved inefficiencies of renewable resources, particularly solar energy.
Major energy production firms, such as Engie and Drax, are starting to reduce support in their coal-fired power generation plants and invest in renewable technologies.
While we still rely heavily on gas and fossil fuelled electricity plants, we are certainly witnessing a change in the industry that will force energy companies to be more pragmatic in their approach to generation and invest in longer term solutions. Hopefully, this will mean easier access to 100% green energy tariffs and further investment in the energy networks, something that the UK desperately needs.