The EU, which imported 40 percent of its gas from Russia last year, is in a nightmare situation as the Russian leader has increasingly cut off supplies of natural gas flowing to the fuel-starved continent. Although the UK imports little from Russia directly, a gas-starved EU could push gas prices to astronomical levels and even risk major UK suppliers such as Norway redirecting their flows to the block. While some of the gas from the Australian shipment will be used in the UK, the majority will likely flow to Europe via interconnectors. These pipelines could in turn send gas back to the UK during the winter months when demand will be much higher. Despite having some of the highest LNG import capacity in Europe, Britain has very little natural gas storage capacity. As a result, LNG tankers arriving at UK ports are then transferred to European storage facilities. Because of the vast distances and shipping costs, Europe and Australia have generally avoided exchanging natural gas, with the EU importing from Russia and Australia supplying Asia. However, rising wholesale gas prices caused by Russia’s invasion of Ukraine have fueled a desperate need for new sources of energy. READ MORE: Energy crisis: National Grid DOUBLE-UP on emergency planning exercise Even as the rest of Europe braces for a difficult winter, Downing Street has dismissed concerns about forced gas rations or blackouts. A spokesman for Prime Minister Boris Johnson told the Independent: “Households, businesses and industry can be confident they will get the electricity and gas they need over the winter. “This is because we have one of the most reliable and diverse energy systems in the world. “We have access to our own North Sea gas reserves alongside stable imports from reliable partners such as Norway.”
