Energy rationing feared as Russia’s gas squeeze exposes the UK’s perilously low reserves. With Vladimir Putin restricting the flow of gas into Europe we should be praying for a mild winter. Russia’s Vladimir Putin is orchestrating a deliberate energy supply crisis in Europe by restricting the seasonal flows of pipeline gas, preventing the region rebuilding its severely depleted inventories fast enough before the onset of winter. The UK is not the target of this geostrategic squeeze but is dangerously exposed after having slashed its gas storage capacity to wafer-thin levels in order to save costs. The country must rely on energy back-up through gas and electricity interconnectors to the Continent, which cannot be taken for granted in emergency circumstances. Energy experts warn that British consumers could face de facto rationing, or a price shock big enough to cause serious distress and force changes in behaviour. “I can’t ever remember a situation like this over the last twenty years. We’re looking at potential shutdowns and demand destruction,” said Adam Lewis from energy consultants Hartree Solutions.
Telegraph 5th Sept 2021 read more »