Dr O'Hagan cited the increasing price of electricity and its link to the global price of gas as a main proponent of its soaring costs over the past year.
Setting out NI Water's plans to help the drive toward renewable energy, Dr O'Hagan said: "Last November at the time of the COP 26 Climate Change Conference we published the Power of Water report which set out how we could act as a catalyst for the transition.
"The work we have done since then has continued to underline that potential, particularly in three areas.
"As the second largest landowner in Northern Ireland we could build wind farms which could meet much of our own electricity needs so freeing up capacity on the network and lessening the need for fossil fuels to act as back up to ensure security of supply - as well as stabilising prices.
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"We have also continued to progress our pioneering work on electrolysis which uses water to produce green hydrogen and oxygen. The hydrogen could be used to help our bus network and heavy goods vehicles transition from diesel, whilst the oxygen could increase the capacity of at least some of our treatment works which, in turn, would allow some of our towns and businesses to expand.
"Following a successful pilot project, a larger demonstrator model is about to be installed at our Belfast works.
"And, finally, we are investigating how our reservoirs could act as energy stores for periods when the key resources for Renewable Energy - the wind and the sun - aren't available. The stored water could be used to create hydro power as and when it is needed as back-up."
He added: "But there are two other essential ingredients for Northern Ireland to make the transition to a Renewable Energy System.
"The first is collaboration. Digitalisation and the need to address Climate Change is breaking down the old boundaries between our Utilities.
"Our roles - whether it is to provide a water and waste water service, transport, electricity, or gas - will, of course, remain distinct, but, increasingly, we can see how we can help each other provide that service - and do so in a way which makes economic sense for Northern Ireland, as well as helping us decarbonise.
"The potential is there to make Northern Ireland not just low-carbon, but also a society that uses its natural resources to meet its own energy needs and in doing so creates a high tech, high skill economy as set out in the 10x vision.
"Doing so, however, will mean acting with urgency. The surge in energy prices has underlined the price of standing still. The future will no longer take care of itself. We have to create it - and start doing so now to guarantee the public services we all depend on."
