One of the world’s biggest energy companies, TotalEnergies, has declared that too much expectation from renewable energy is responsible for current price woes that have unsettled global economies.

Chief Executive Officer of TotalEnergies, Mr Patrick Pouyanne, told secondary sources at an energy summit in Russia that high prices hurt the consumers and threaten sustainable demand as economies and businesses smart from the global coronavirus downtime.

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Mr Pouyanne has been consistent with warnings that total reliance on renewable energy to meet global demand would be risky without a guarantee of sustainable supply capacity. The warnings are based on the argument that the most popular sources of renewable energy-mainly solar and wind- are significantly influenced by weather conditions.

The Oracle Today reports that prices of available energy have continued to surge despite the hyped energy transition and concerted efforts to deliberately shift demand to greener options. This comes amid the prevailing demand boom for fossil fuel as improvement in global inoculation against the coronavirus disease opens up global economies and international travel.

With green r energy options yet to fill the huge supply gaps created for it in the global energy market, traditional fuels including petroleum and coal which have been vilified by activists as environmental villains have recaptured market space.

Besides, the surging gas prices have led to resort to massive use coal which is branded one of the dirtiest fuels by power producers and manufacturers despite prevailing campaigns in Europe for its total phase out.

With strong demand outlook as cold weather captures the wealthiest and most industrialized countries of the world; manufacturing and power production plants across the world now scramble for available fossil fuel, driving up prices to new levels.

Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grapples with worsening gas shortages, agency sources reported.

Mr Pouyanne stated that the hasty efforts at suddenly migrating global energy demand from fossil created the prevailing market imbalances which he describes as dire for consumers.

 While admitting that high prices of petroleum fuel could earn good income for oil companies like TotalEnergies, Pouyanne pointed at the debilitating impact on the demand side, saying that lower prices are critical to displacing dirtier coal with cleaner gas options.

In strongly canvassing for price stability, he stressed that lower gas prices would reduce the need to rely on the higher-polluting coal. He also pointed out that the transition to cleaner energy has created the prevailing imbalance in the market.

He stated that lower gas prices are necessary to displacing coal in order to achieve the climate change goals. He however pointed out that that displacing cheaper coal fuel would be difficult under the prevailing high gas prices.