Oil and gas should be the preserve of makers of industrial goods such as plastics and fertilisers, with consumers relying for the bulk of their energy needs on more sustainable sources such as wind, water and sunlight, according to the head of one of Europe’s largest energy groups.

Technological advances in renewable energy such as wind and solar generation meant the power industry was better equipped to wean itself off oil and gas than many industrial goods makers, said Ignacio Sánchez Galán, executive chairman of Spain’s Iberdrola.