Cold Snap Triggering Gas Crisis in U.K. Shows Rising Supply Risk [Bloomberg Business News]
National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG)
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Source: Bloomberg Business News
The cold snap rattling energy markets across Europe has revealed Britain’s vulnerability to natural gas shortages driven by a lack of capacity to store the fuel. At the moment when the U.K. most needed a supply cushion to smooth out a surge in demand for gas and power, Centrica Plc announced a 12-hour outage at its Rough gas storage facility under the North Sea. Gas prices for immediate delivery more than doubled to their highest in almost a decade as an Arctic chill and heavy snow drove up demand for heat and electricity. Britain is Europe’s biggest gas consumer after Germany. Once a major gas producer, the U.K. increasingly relies on imports during winter months as output from the North Sea falls. It’s a risky dependency when it’s cold across Europe, like this week when a mass of Siberian air pushed in from Italy to Scandinavia. “It certainly shows the vulnerability of extreme events,” Nick Campbell, energy risk manager at Inspired Energy Plc, said b
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