Britain faces “knock-on impacts” for the country’s energy supplies such as rocketing prices
Britain faces “knock-on impacts” for the country’s energy supplies such as rocketing prices
if Russia cuts off natural gas flows to Europe, according to National Grid Plc.
if Russia cuts off natural gas flows to Europe, according to National Grid Plc.
Only about 6% of the UK’s gas imports come from Russia, a statistic the government
Only about 6% of the UK’s gas imports come from Russia, a statistic the government
has so far used to play down the risks of reduced flows to the UK energy system.
has so far used to play down the risks of reduced flows to the UK energy system.
The grid operator’s warning is the first time it has openly addressed the threat of Moscow’s decision to throttle fuel supplies.
The grid operator’s warning is the first time it has openly addressed the threat of Moscow’s decision to throttle fuel supplies.
“It is clear that the cessation of flows of gas into Europe could have knock-on impacts,
“It is clear that the cessation of flows of gas into Europe could have knock-on impacts,
including very high prices,” National Grid said Thursday in its early outlook for winter.
including very high prices,” National Grid said Thursday in its early outlook for winter.
Britain’s gas market is linked to Europe through its network of pipelines to the continent and Norway,
Britain’s gas market is linked to Europe through its network of pipelines to the continent and Norway,
and summer prices are already four times higher than usual. But with limited gas storage capacity,
and summer prices are already four times higher than usual. But with limited gas storage capacity,
the UK is reliant on Europe for exports in winter and exposed to further disruptions in Russian flows,
the UK is reliant on Europe for exports in winter and exposed to further disruptions in Russian flows,
which Kremlin insiders say are likely to continue in retaliation for European sanctions
which Kremlin insiders say are likely to continue in retaliation for European sanctions
Higher prices would put even more strain on consumer bills that are already projected to reach record levels
Higher prices would put even more strain on consumer bills that are already projected to reach record levels
in October before rising again in January. There’s mounting pressure on the government
in October before rising again in January. There’s mounting pressure on the government
to do more beyond the £400 discount on household tariffs already pledged
to do more beyond the £400 discount on household tariffs already pledged