Dr Craig Lowrey, Senior Consultant at Cornwall Insight said:
“The reliance of Europe on Russian gas will mean any economic sanctions which affect supply levels are likely to have an immediate and potentially longer-term impact on gas prices.
“While the UK is not dependent on gas from Russia, and should not experience direct supply issues, the price impacts will be evident across the entire European gas market. This means that customer bills in the UK may continue to increase as a result of the sanctions against Russia and further financial support from the government may be needed.
“The announcement that the Nord Stream 2 pipeline connecting Russia to Germany and mainland Europe is to be blocked, will only compound uncertainty in the European gas market. This will further impact wholesale prices and consequently customer bills in the UK and Continental Europe alike”.
–Ends
Notes to Editors
For more information, please contact: Verity Sinclair at v.sinclair@cornwall-insight.com
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About the Cornwall Insight Group
Cornwall Insight is the pre-eminent provider of research, analysis, consulting and training to businesses and stakeholders engaged in the Australian, Great British, and Irish energy markets. To support our customers, we leverage a powerful combination of analytical capability, a detailed appreciation of regulation codes and policy frameworks, and a practical understanding of how markets function.
