Brits receive energy price warning — Analysis
The end of deliveries of Russian gas to European customers could have “knock-on impacts” on prices in the UK, the National Grid says
The end of Russian gas supplies to European customers could make already soaring UK energy prices even higher, Britain’s National Grid has warned.
“While Britain is not reliant on Russian gas to the extent that the rest of Europe is, it is clear that the cessation of flows of gas into Europe could have knock-on impacts, including very high prices,” National Grid’s Electricity System Operator (ESO) said in its We will have a report by Thursday.
“We are taking actions to build our resilience to potential risks and uncertainties due to a possible shortage of gas supply in Europe,”According to the report.
“This includes extending the life of coal units and exploring market-based demand side response.”
Following Russia’s military intervention in Ukraine at the end of February, Britain as well as the EU put in place severe sanctions.
According to the agreement of 27 nations, Russia will be phased out and deliveries to Moscow from the winter season will be cut by 15%. This comes amid an increase in European energy prices, and fear by Western politicians that Russia might completely cut off supplies.
Britain could be without fish’n chips if Russia is sanctioned
The average monthly UK household energy bill could top £500 ($609) from January, UK-based consulting firm BFY Group said on Wednesday.
“Huge swathes of the British public aren’t going to be able to afford their bills this winter,”Gemma Berwick, a senior consultant, warned Bloomberg. “Average families with two working parents will be in fuel poverty.”
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