Imports have been intensified recently by falling NBP gas prices and an oversupplied UK gas system aided by strong liquefied natural gas (LNG) deliveries, a trend which has continued since winter. The high imports of January 2019 were driven by below-average temperatures, rising power demand and periods of low wind generation. More widely this trend also highlights Ireland’s growing dependence upon imports to meet gas demand. This trend raises big questions about future energy security, this blog investigates this risk.
Related thinking
Energy Market Design
Energy market volatility remains evident amid a delicate geopolitical landscape
Recent events, from the worker strikes at the Chevron-owned Wheatstone LNG facility in Australia to the Israel-Hamas conflict, have highlighted the potential for disruption to energy exports. The Wheatstone and nearby Gorgon facilities account for ~5% of global LNG supplies. Whilst Europe is not the recipient of notable volumes of...
Energy storage and flexibility
What is Liquefied natural gas (LNG) and how did it help UK and Europe this winter?
What is Liquefied natural gas (LNG)? Natural gas that has been cooled down to a liquid form is known as liquefied natural gas (LNG). The cooling process shrinks the volume of natural gas making it easier and safer to store and ship overseas. Natural gas is a fossil fuel which...
Home supply and services
The role of smart meters in energy security
Smart meters have the potential to play a critical role in energy security, providing near real-time information through a visual in-home display, empowering consumers to change how much energy they use and when they use it. If consumers reduce or shift their energy consumption away from peak periods, they may...
Power and gas networks
Gas DSR reforms ahead of winter 2022-23
National Grid has recently carried out a review of the Gas Demand Side Response (DSR) voluntary curtailment mechanism through July and August. The Gas DSR allows shippers to offer a consumption curtailment service to National Grid Gas (NGG) during periods of acute gas supply constraint called a Gas Deficit Emergency...
Commercial and market outlook
Pragmatism, partnership, and people
In this piece, we take stock on where we now stand after a tumultuous period for the energy markets since Autumn 2021. But beginning, we want to give voice to the sadness our team feels at the terrible human impact arising out the conflict in Ukraine. This clearly is of...
Commercial and market outlook
Russian gas dependency and impacts on net zero
Tensions along the Russia-Ukraine border have been escalating since November last year when satellite imagery showed a fresh build-up of Russian troops on the Ukrainian border. Fast forward to the 24 February 2022, Ukraine and Russia are now at war following a Russian invasion. In response to these actions from...
Commercial and market outlook
EU Commission publishes climate change mitigation taxonomy
An excerpt from our European Weekly Bulletin, part of our Energy Spectrum Europe package. On Wednesday 2 February, the EU Commission presented its Taxonomy Complementary Climate Delegated Act on climate change mitigation and adaptation covering certain gas and nuclear activities. The commission states that it aims to prevent greenwashing and...
Home supply and services
Rocketing energy prices and failing suppliers—what is happening?
Sky high gas prices and energy suppliers going out of business have been key headlines in the news over recent weeks, but what is actually happening? Through the COVID-19 pandemic we saw much lower gas prices, which have been surging upwards since the spring and risen rapidly through the summer, a time...
