Economist explains why Germany is still using Russian gas
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Since Russia invaded Ukraine in February, the US, UK and EU have all announced plans to either outright ban or phase out imports of Russian energy. In March, Business Secretary Kwasi Kwarteng announced that the UK will phase out imports of Russian oil in response to Vladimir Putin’s invasion of Ukraine by the end of the year. Given that oil and gas revenues accounted for nearly half of Moscow’s budget in 2021, ending Europe’s reliance on Russian gas would deal a hammer blow to Putin’s war efforts.
Britain could soon end its dependence and get out of the energy crisis thanks to a major deal to build the world’s longest undersea cable between the UK and Morocco.
The Government is currently in discussions with XLinks to build and carry energy through the Morocco – UK Power project, which is a “first of its kind” underwater cable that will give Britain access to vast quantities of renewable energy.
The energy firm will build a 3,800km long pipeline which will harness massive amounts of solar energy coming from Morocco.
A spokesperson for Xlinks told Express.co.uk said, “Xlinks will deliver 3.6GW of reliable energy for an average of 20+ hours a day to the UK, enough to provide low-cost, clean power to over 7 million British homes by 2030.
“Through the development of the Morocco – UK Power Project, Xlinks can be part of the solution to reduce the UK reliance on expensive fossil fuels.”
The cable will provide electricity from Morocco’s renewable energy-rich region of Guelmim Oued Nou, with the country benefiting from having one of the highest rates of solar insolation – or power per unit area – in the world.
According to Sir Dave Lewis, chairman of Xlinks, the cable will provide energy at half the price of what the UK will pay for their upcoming nuclear power plant Hinkley Point C.
He said: “The energy that will come from Morocco as part of Xlinks will be at £48/MWH, which is compared to £92.50, which is what the Government will pay for Hinkley Point C.
“There are long-distance, high-voltage cables currently above ground and underwater.
“The longest one is a UK links Norway to the UK.
A spokesperson for Xlinks promised that the undersea cable would result in bill savings for consumers, which is a particularly attractive proposition as fossil fuels crisis raised the energy bills to a record £1,971 in April.
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Speaking to Express.co.uk, Xlinks added: “In recent months, the perfect storm of market forces has provided a greater demonstration of the UK need for clean energy, at scale, in order to meet net zero.
“Xlinks will be a net contributor to the Exchequer if the project utilises the UK Government’s Contracts for Difference (CfD) mechanism.
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