Oil & Gas

AGCC launches energy transition survey to gauge sentiment at ‘seminal moment’ for industry

Companies in the energy sector are being invited to take part in a study to track business sentiment at a “seminal moment” in the UK’s net zero push.

Aberdeen & Grampian Chamber of Commerce (AGCC) has launched the 37th edition of its energy sector survey, which has been tracking industry trends since 2004.

Energy Transition 37 – which is being delivered in partnership with KPMG and Energy Transition Zone Ltd – is expected to be the most significant to date.

It comes as the sector battles prevailing winds impacting, both the North Sea industry, as well as the global economy.

Russell Borthwick, chief executive of Aberdeen & Grampian Chamber of Commerce, said: “This report has become established as a vital source of industry intelligence for businesses, policy makers and the media.

© Chris Sumner/DCT Media
Russell Borthwick

“Industry feedback will be instrumental in ensuring that the North-east’s voice is heard, enabling the Chamber to set out the practical challenges faced by the sector and ensure the necessary policy interventions are put in place.

“Since the previous survey we have begun to feel the very real impacts of Energy Profits Levy on jobs and investment, most notably with Harbour Energy cutting jobs and not entering the 33rd licencing round, and Shell voicing reservation about investing in the UK.

“We now have a new UK government department to deal with our energy security challenges and net zero ambitions, and this survey will help inform our asks to government as ministers tackle one of the great challenges of our time; balancing energy security with energy transition.”

The survey goes live today, and will run until March 31.

All survey responses are completely confidential and will not be attributed to individuals or their companies in the final report.

The study is being conducted by AGCC’s in-house research agency, the Research Chamber, and the results will be shared at a breakfast event at the Douglas Hotel in Aberdeen in May.

The last edition revealed that companies are becoming increasingly concerned about the political environment in the UK following the introduction of the energy profits levy.

© Supplied by SSE Renewables
Turbine jacket installation at the Beatrice Offshore Windfarm.

Robert Aitken, director, KPMG UK in Aberdeen, said: “This is an important survey for the energy sector in the north-east. The combination of energy security, supply diversification

and the transition to low carbon energy, coupled with high energy prices and record global profits for major energy companies, have brought the issues into sharp focus for the industry and more increasingly, the public and consumer.

“When we surveyed firms last year 70% said they were actively diversifying outside of oil and gas. It’s important that we start to see that figure increase, as more firms recognise the longer-term goal of transition and commit time and investment to get there as soon as possible.

“What the industry does next will determine the talent it attracts, the customers it serves, the profits it makes, and ultimately the impact it will have on society long term.”

Maggie McGinlay, from Energy Transition Zone Ltd, said: “Securing greater energy security whilst simultaneously accelerating diversification toward renewables and low carbon energy, as part of a managed transition, is arguably one of the most important priorities for the whole of the UK and one the North-east of Scotland will play a leading role in delivering.

“ETZ Ltd is, therefore, delighted to support the 37th Energy Transition Survey, which is crucial in understanding the emerging trends within the energy industry across the region as we accelerate toward a net zero future.”

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