{"id":59430,"date":"2021-09-21T20:19:32","date_gmt":"2021-09-22T01:19:32","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59430"},"modified":"2021-09-21T20:19:32","modified_gmt":"2021-09-22T01:19:32","slug":"the-uk-is-racing-towards-a-winter-energy-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59430","title":{"rendered":"The UK is racing towards a winter energy crisis"},"content":{"rendered":"
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The UK is racing towards a winter energy crisis<\/a><\/h3>\n<\/div>\n
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Gas prices are spiking and the energy markets are coming under increasing pressure. The combination may lead to a bleak winter<\/div>\n<\/div>\n
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Winter is coming \u2013 and it looks like it\u2019s going to be a rocky one. The price of natural gas in the UK has increased more than 420 per cent<\/a>\u00a0year on year. In mainland Europe, prices are\u00a0tracking a similarly sharp trajectory<\/a>. And a perfect combination of other factors \u2013 including environmental conditions and unpredictable accidents \u2013 is putting the industry under further strain.<\/div>\n<\/div>\n<\/div>\n<\/header>\n<\/div>\n
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These price fluctuations have a knock-on effect: the price of electricity \u2013 often generated from gas \u2013 is spiking, while household suppliers are hitting the wall as catastrophically high wholesale prices make their businesses uneconomical.\u00a0Seven UK supply firms<\/a>\u00a0have gone out of business so far this year. Bills for end users are forecast to\u00a0rise 20 per cent<\/a>, according to Citigroup.<\/p>\n

It all makes for grim reading \u2013 particularly as gas remains a key source in powering our homes and business. But we should get used to it. According to some experts, it\u2019s just the first flashing warning light on the dashboard of a car heading headlong into a prolonged, painful crash.<\/p>\n

Almost everything that could go wrong with the energy markets is currently going wrong \u2013 and there are few easy fixes. First, take the\u00a0climate crisis<\/a>: our fixation on low-cost fossil fuels has engendered a situation that makes us more susceptible to supply shocks as we try and wean ourselves off the thing that helped cause the problem in the first place. \u201cWe always had these geopolitical risks,\u201d says Adi Imsirovic, a senior research fellow at the Oxford Institute for Energy Studies, and a former oil trader with 30 years\u2019 experience. \u201cNow we have climate change risks that are essentially a premium on the prices.\u201d<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The UK is racing towards a winter energy crisis Gas prices are spiking and the energy markets are coming under increasing pressure. The combination may lead to a bleak winter GETTY IMAGES \/ BLOOMBERG Winter is coming \u2013 and it looks like it\u2019s going to be a rocky one. The price of natural gas in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,4],"tags":[181,2030,820,2080,885,2007],"class_list":["post-59430","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-environment","tag-crisis","tag-gas-price","tag-uk","tag-united-kingdom","tag-winter","tag-wired"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59430"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59430\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}