The UK is set for more bad news and price increases on petrol & winter fuel as they suffer set back in the supply of Oil & Gas this winter.
On Tuesday a blast at Gas Connects, Baumgarten plant in Austria, one of the most significant hubs for European gas supply where Russian, Norwegian along with other countries gas supply converges and is compressed suffered an explosion.
Further more INEOS discovered a hairline crack in their Forties Pipeline just south or Aberdeen forcing them to shut down at the cost of 20 million per day.
Prices of Gas have increased to their highest since 2014 further to the above incidents which have been exacerbated by 2 further situations, including problems with a compressor station on the Anglo Dutch pipeline & Statiol reducing gas supply due to power outages.
The RAC have also warned the prices at the pump will be impacted however the cost of supply will inevitably be felt by UK consumers in their winter fuel bills even though gas will have been bought 6 months prior to any of the events above.
The questions to the UK government will be its decision to divest in new gas storage facilities and the closure of the Rough storage facility off the coast of Yorkshire earlier in the year.
Furthermore with record energy production from renewable sources this year it surely is another call for further funding in battery storage technology to ensure the UK isn’t as susceptible to future ‘perfect storms’ to our external energy supply.