It hasn’t happened yet, but Ofgem are predicting that due to insufficient investment into Russian gas project, the UK is likely to feel of shortage of gas supply – or at the very least, a tightening in supply, a steady demand, which will force prices up.
The stark truth is that nothing can be done. Investment in gas projects is massive, and slow to take impact – rather like the oil tanker analogy: it will get there in the end, but it might just take a little longer and if you want to speed it up or change direction, the effect takes a while to kick in.
So the UK, is yet again (and it’s not like this supply issue hasn’t raised it’s ugly head before) beholden to supply issues within Europe and Russia.
It’s another signal that seismic shifts are required to bolster the security of energy supply in the UK, with a bigger push towards investment in renewable generation and nuclear, and a very watchful eye placed upon those consumers who just cannot afford to pay anymore for their gas and electricity.
The government really needs to grab this one and run with it.
