Energy News – 21/01/2017
The week of Donald Trump’s inauguration has seen shaky energy markets, a landmark Brexit speech by Theresa M...Read More
As the Guardian pointed out, 15 years ago, the UK did not need to import gas. But as supplies have steadily fallen from Britain’s ageing fields, imports have increased to 45% in 2009 and is expected to reach almost 70% by 2019.
In fact, international cooperation on gas is not new: a 10-year deal between Centrica and Norway’s Statoil was announced in 2011. However, the originally envisaged 5 billion cubic metres (bcm) a year from, has been increased to 7.3 bcm. Centrica has also extended a deal with Gazprom, from 2.4 bcm to 4.2 bcm.
As Reuters reported, the deal comes as the European Union (EU) is looking to lessen dependence on Russian gas in the wake of continuing instability in Ukraine and the EU charged Gazprom with market abuse.
The implications for UK businesses were not immediately apparent. Deals with suppliers that have lower production costs could translate to lower business energy prices. However, without security of supply businesses may not be getting a good deal on business gas rates.
Many UK companies could already get much cheaper business gas, locking in low rates for the next two, three or even four years and decreasing uncertainty amid the current ambiguous situation.
SwitchMyBusiness.com can cut business gas bills by up to 70% with exclusive supplier rates. You could save thousands with a call that takes less than five minutes. For an impartial expert option, fill in the form at the top right of this page or call 0800 411 8830
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