Britain is now the third biggest consumer of gas in the world, after the US and Russia. The fuel accounts for 30 per cent of our total energy use, compared with an EU average of 18 per cent.
Yes, Langeled, a sub-sea gas link between Norway and Yorkshire, opened recently. And over the coming years it will be crucially important. But Norway’s gas reserves amount to one 20th of those held by Russia.
In the long term it is Moscow that holds all the cards. As the most gas-dependent economy in Europe, Britain is sitting at the end of a pipeline network at the mercy of strategic games we can do little to control.
Tuesday, November 07, 2006
At the End of the Line
At the weekend Liam Halligan, the Telegraph’s economics editor, took a critical look at Britain’s currently muddled and opaque energy situation, and came out with some dire warnings: