National Grid warns UK could import 90pc of its gas by 2035
10 July 2014 1:47am
A failure to invest in UK gas production could see dependency on imports rise to 90 per cent by 2035, National Grid warned today.
The forecast from the power network comes amid growing fears about the UK’s energy security, with the spare margin between demand and supply set to narrow to a mere two per cent towards the middle of the decade, raising the risk of blackouts.
But with enough investment, the UK’s nascent shale gas industry could provide over a third of the country’s gas supplies in 2035, National Grid said.
Geopolitical tensions between Russia and Ukraine have raised fears that Europe, which gets one third of its gas from Russia, could face a supply shortage.
Energy minister Michael Fallon will meet with government and industry in Azerbaijan this week to discuss the progress of the new Southern Corridor gas pipeline that will deliver gas from Azerbaijan directly to Europe.
“Increasing the diversity of the European energy mix is particularly important in the context of current events in Ukraine,” said Fallon.
In other news
The Chinese city of Guangzhou may have banned Uber, but that hasn’t stopped its municipal government setting [Read more]
Labour has performed a balletic U-turn this morning, abandoning its opposition to EU membership referendum. [Read more]
Greece’s interior minister has said that the country cannot afford its 5 June payment to the International Monetary [Read more]
Young people aged 16 and 17 years old should be given the chance to vote in a EU referendum, according to the [Read more]
The Bank of England is carrying out a confidential investigation into what would happen if the UK left the European [Read more]
This year's Eurovision Song Contest will feature an addition to the normal line up – for the first time ever, [Read more]
Tonight is the 60th Eurovision Song Contest, and once again we're in for an evening of cheesy music and crazy [Read more]
The Eurovision Song Contest is getting more and more expensive, despite Europe's decline into austerity. [Read more]
There were delays of up to 30 minutes to trains in and out of Kings Cross Station, after the station was re-opened [Read more]
When a 20-year-old footballer publicly declares he wants to leave a club and his agent hurls insults at one of [Read more]
The outbreak of bird flu in the US is leading to an unprecedented situation for companies reliant on eggs – [Read more]
Germany's finance ministry has denied reports it was considering offering Greece its own parallel currency. [Read more]
Chancellor George Osborne was given a boost today, as higher tax receipts helped shrink the deficit by more than [Read more]
Beleaguered spread-betting firm Plus500 today suspended trading in its shares on London's junior market, following [Read more]
The news that card and electronic transactions have overtaken cash as the UK’s preferred method of payment is [Read more]
Despite the crippling effect of election uncertainty, offers received in April were up 15 per cent on last year [Read more]
Former secretary of state for communities and local government Eric Pickles is to be knighted, 10 Downing Street [Read more]
Network Rail engineers have destroyed the Abbey Wood station as part of the Crossrail development that is expected [Read more]