Mar 1, 2018
UK’s National Grid warns of gas shortfall due to big freeze
Britain may not have enough gas to meet demand on Thursday as freezing temperatures continue to grip the country, National Grid has warned. "National gas demand today is high and due to the extreme weather conditions, there have been gas supply losses overnight," National Grid said. Prices at the National Balancing Point gas market, the virtual hub that serves as the main pricing point for UK natural gas, traded at 200p a therm on Thursday morning as National Grid warned on the deficit. Behind today's gas deficit warning is a "Perfect storm of unrelated short-term issues - freezing conditions, diminished Dutch gas production due to earthquake concerns, weather-related issues curbing imports from Europe, and a global liquefied natural gas market in which supplies are being pulled to Asia by higher prices," said Dr Jonathan Marshall, energy analyst at the Energy and Climate Intelligence Unit. "Allowing Centrica to close the UK's only big long-term gas store without consideration for supply during cold snaps, failing to develop a coherent plan for low-carbon heating, and . . . a head-in-the sand approach to improving energy efficiency in homes have all put households and businesses at risk of shortages and price spikes."
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