UK secure in gas supply without Russia says expert
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Over the past year, Putin has been decreasing the amount of natural gas flowing from its pipelines towards Europe. The continent is heavily dependent on Russia for energy, relying on the country for 40 percent of gas. Putin has been exploiting this reliance over the past year, causing whole energy prices to spike to record levels since late 2021.
However, since the invasion of Ukraine, the UK, US and EU have pledged to reduce their reliance on Russian energy imports, including oil and gas.
There are fears Putin could retaliate against the western sanctions by turning off the taps on Russian gas entirely, causing a sudden shortage in Europe that could lead to blackouts,
But the UK will likely not be impacted on as much, according to Dr Jack Sharples, a research Fellow at Oxford Institute.
Speaking at a Business, Energy and Industrial Strategy Committee meeting earlier this week, he said:”The UK is relatively secure, in terms of its physical supply.
“We get a substantial proportion of our gas imports from Norway and probably produce about half of what we consume.
“About 80 percent of our natural gas supply is either produced domestically, or comes from Norway.
“That is physically secure. The remaining 20 percent is liquified natural gas (LNG) that we import from the global market.”
Earlier this week, the UK announced plans to phase out Russian oil imports by the end of 2022.
The Government also announced it will consider banning Russian natural gas, joining other countries in a move to punish the Kremlin over its invasion of Ukraine.
Dr Sharples added: “The largest suppliers are Qatar, the US and Russia.
“The UK’s physical supply, in the current context, is relatively secure.
“The problem is price. Physically speaking, we are connected to the European market by two pipelines.
“If prices are spiking across Europe, then you would see an outflow of gas from the UK into the European market – traders will take advantage of it.”
DON’T MISS:
Xi Jinping on path to conflict with Putin as China could STARVE [REVEAL]
Musk humiliates Putin after Russia threaten to block US from old tech [INSIGHT]
Putin’s nuclear threat to UK: Nine locations that could be obliterated [MAPPED]
However, analysts and experts are expecting the blacklist to have an effect on prices for British consumers.
A key reason for this, despite the fact Britain does not import as many as other EU countries, is the UK is connected to international markets.
This means any price increases faced by the rest of the world will affect the UK.
Dr Sharples said: “If we tried to insulate ourselves and closed the interconnectors, you would find the LNG that usually flows into the UK would be redirected.
“We can’t break away from the European market. This is a pricing question, the UK does not face a shortage of gas.”
Source: Read Full Article
