08.01.10 Gas running out as cold spell continues
Arctic conditions have hit the UK and shops and supermarkets are reporting panic buying amongst customers worried that the stores are going to run out of everything from fresh food to anti-freeze and winter woollies. Perhaps an even greater worry, however, is that we may be going to run out of gas.
Yesterday, as forecasters predicted that this January could be the coldest since records began, the National Grid warned that demand for gas was likely to outstrip supply if businesses did not reduce their consumption and if supplies were not obtained from abroad. This is only the second time ever that such a warning has been made.
The situation was made worse by the return to work after the Christmas and New Year break and fears arose that businesses and homes would be facing power cuts if the freezing temperatures continue.
The warning also had the effect of making wholesale gas prices soar by 70% (from 35p to 60p per therm). A spokesman for energy analysts, Inenco, said that Britain could be held to ransom over prices and criticised the lack of investment in storage plants. Britain only has the capability to store 15 days worth of gas so in times of high demand the country relies on imported gas from mainland Europe, the Far East and the Caribbean.
A National Grid spokesman said that these imports were designed to deal with crises such as this and was confident that domestic supplies would be unaffected. A spokesman for Energy UK also said that consumers had nothing to worry about and that energy companies buy in advance for this very reason.
The bad news is that predictions are being made for the icy spell to last another three weeks, with overnight temperatures likely to be around -14 in parts of Scotland. The sea may well freeze over in sheltered areas as happened in the winter of 1962-63 due to continued low temperatures and chaos is expected to continue on the roads and at airports.
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