“I think we have grossly underinvested in energy globally for at least a decade. I think we've mismanaged our energy policy collectively for at least a decade. And I suspect we were sleepwalking into an accident, and this conflict in the Gulf has just brought forward what was going to happen anyway.”
The Energy Gang · Climate & Energy · November 2026
Context
Asked to look five to ten years ahead, Alex Tancock, whose company develops large renewable hubs, gave a broad view of the current energy crisis. He went on to predict a decade of higher energy prices.
Transcript
And now, whether they would export them or use them for domestic sources or use them for building more of an petrochemical ecosystem here, expanding that. I mean, I think it remains to be seen. But certainly it's a source of energy that has not been tapped to the potential that it can deliver.
What about you, Alex, in terms of what you see coming on the horizon, looking five or ten years ahead, how do you think your business might change?
I wouldn't talk about our business specifically, but I think I've got quite strong views on this. I think we have grossly under-invested in energy globally for at least a decade. I think we've mismanaged our energy policy collectively for at least a decade. And I suspect we were sleepwalking into an accident. And this conflict in the Gulf has just brought forward what was going to happen anyway. You know, we have under-invested in oil and gas because there was this energy transition. We didn't invest enough in the energy transition to actually make it successful. So I feel like the last decade we've enjoyed incredibly low interest rates and very low energy prices. And I think the next decade we are going to enjoy less comfortable conditions when it comes to energy prices. So I guess my view would be the next decade is a decade of higher energy prices, which will then spur the innovation and the development we need to then hopefully bring them down again.
Very interesting. Deni Phobi, final thought from you. Do you agree then that we're in for this period of higher energy prices, more strain on the energy system, a need for significantly higher investment?
Yeah, unfortunately, I agree. I think we have to accept the situation. I think this is here to stay, that we have to accept and adjust. There will be higher energy prices, which is good for new energy or alternative energy, right? Which the levelized cost of energy could be supportive of that. So…
Yeah, no, that's really interesting. And it seems to me it's one of those situations where we are sort of just at the beginning of something. You know, that we've had this crisis kind of building, as you say, over the past few years, not just what's happened this year in the Middle East, but more…
More from The Energy Gang
