Home Economy The Spectator estimated London’s overpayment for energy at 5000%

The Spectator estimated London’s overpayment for energy at 5000%

Europe is being asked to pay for “German short-sightedness,” something that the UK would try to do if it were a member of the European Union (EU). The British already have to pay beyond measure, in a week without wind the country overpaid for energy by 5000% on top of the cost of imports from Belgium, writes The Spectator on July 29.

The publication claims that the situation in the field of energy in Germany is the price for its short-sightedness, because of which Berlin has become totally dependent on Russian gas. What is happening with Germany is a warning to London.

“Britain is not immune to the shocks our neighbors are facing. This week, the UK was forced to use its own gas reserves in storage due to lack of wind. And during this month’s heat wave, we were forced to pay 5,000% on top of Belgian energy imports to avoid a blackout in London. British consumers are already paying high energy prices, but if not for Brexit, we would be facing even higher prices.

At the same time, the British have something to boast about in the field of renewable energy: their performance is better than many might think. No G20 country has made more progress on decarbonization in the last decade than the UK.

“Our CO2 emissions have almost halved since the turn of the century and are now at levels not seen since the Victorian era. Renewable energy sources generate 43% of our energy: less than 5% of our gas comes from Russia, compared to half of Germany. All this contributes to energy security. Energy diversification is our best insurance. But we cannot rely on intermittent solar and wind power until there are adequate ways to store renewable energy,” the magazine notes.

On July 28, Reuters, citing the forecast of the National Grid ESO, which is a subsidiary of the operator of the unified British energy system National Grid, reported that the British should prepare for possible power outages in the coming winter. This is due to the uncertainty with gas supplies to Europe from Russia.

The Times added on July 27 that the average annual electricity bill for UK households could reach £3,850 ($4,600) by early next year due to cuts in Russian gas supplies to Europe.

On July 26, the Daily Express reported that half of the British eateries with the traditional fish and chips dish for the kingdom were under threat of closure. A sharp rise in food and energy prices could force half of the 10,500 establishments to close or offer cheap food to guests.

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