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Nick Butler, visiting professor and chair of The Policy Institute at King's College London, told the BBC's Today programme that a reduction in supply from the United States, Russia and the North Sea was playing a part, as well as limited storage facilities for gas in the UK.
"The government has taken their eye off the issue of energy security," he said. "All of the focus in Whitehall has been on climate change. For the moment, we're very reliant on oil and gas and when gas gets short in the world market, it hits back here."
Hi Buzzthomas, not sure I fully agree: work was progressing in OnG UK until the down of prices (2016/17) since then its been down to the operators not investing locally.
The last really big Gas project was Ormen Lange which supplies approximately 27% of the UK gas requirement and has a pipeline running directly from Norway to the UK.
The SSN (Souther North Sea) has for a long time been our primary gas supplier location since the late 60s.
A lot of old fields both in the UK and Dutch sectors...not too sure on how much exploration is successfully finding new pockets but as Kistos Energy have realised there are still opportunities.
WoS (West of Shetland) is the new(is) frontier for Gas (Total) as well as Oil (BP and Shell) There is still more up there with out doubt.
True, tax relief on exploration is down to goverment but the operators only ever invest if there's money in it for them and prices have been very depressed for a long time now and there has been very little investment as a consequence.
Couple that with the green movement and OnG companies move to invest in renewables (that do not provide the same invest/energy returns) and pay of theirs loans/debts THEN coupled with unclear present or more importantly future goverment restrictions its acting as further deterrents?
We are a lot luckier than the majority of Europe (apart from Norway and in part Holland)
I am hoping that this price rise will result in more UK investments. This hopefully includes carbon capture and hydrogen development in and around the old(er) gas terminals in Shetlands, Humber and Bacton.
Hopefully opportunities and projects get dusted off and green peace, the extinction Rebellion (types) and general public start to realise we can't just turn the taps off.
I would also say this gov has been spinning a few plates: Brexit, Covid (resultant crippling debt), Terrorism Bors maybe suspect but the Torys realise that they can not cut enough now to reduce this debt (they tried that following the financial crash) but MUST spend out way out....otherwise " we are roggered".
All just my opinions, of course and hopefully Boris does not fear any Argie fall out onto of all his other spinning plates?
Best rgds Sft
Russia has the UK in a corner over gas supplies whilst the British Goverment have been idly twiddling their fingers over the last 20 years of UK gas & oil supply destruction. We have no world class leaders in the UK anymore. Maybe this will open the publics eyes to the renewable energy dependency myth.
Ed Miliband, Labour’s shadow business secretary, said: “A basic duty of Government is to ensure secure, affordable energy supplies for businesses and families.
“It is a fundamental failure of long-term Government planning over the last decade that we are so exposed and vulnerable as a country and it is businesses and consumers that are paying the price.
At the moment in time, gas is providing most (48.36%) of our energy, wind is only 1.17% and solar is 16.62%.
Without gas we would would be really screwed ... even coal (1.67%) is providing more energy than wind right now.
http://www.gridwatch.templar.co.uk/
China building 100 coal power plants and soon the UK won't even manage to even keep the lights on.
They’ll just blame Brexit
European gas prices are rising fast. Sweden already seeing rapid inflation, even though they use little gas, apparently (Bloomberg)
Energy security should be their number 2 priority after National security. The Falklands oil and gas production should have been rubber stamped years ago.
No doubt the conservatives will come out in the next few days with some complete bull**** about how recent gas prices are out of their control. Failure at the very top of goverment.