Imports have been intensified recently by falling NBP gas prices and an oversupplied UK gas system aided by strong liquefied natural gas (LNG) deliveries, a trend which has continued since winter. The high imports of January 2019 were driven by below-average temperatures, rising power demand and periods of low wind generation. More widely this trend also highlights Ireland’s growing dependence upon imports to meet gas demand. This trend raises big questions about future energy security, this blog investigates this risk.
Related thinking
Commercial and market outlook
Pragmatism, partnership, and people
In this piece, we take stock on where we now stand after a tumultuous period for the energy markets since Autumn 2021. But beginning, we want to give voice to the sadness our team feels at the terrible human impact arising out the conflict in Ukraine. This clearly is of...
Commercial and market outlook
Russian gas dependency and impacts on net zero
Tensions along the Russia-Ukraine border have been escalating since November last year when satellite imagery showed a fresh build-up of Russian troops on the Ukrainian border. Fast forward to the 24 February 2022, Ukraine and Russia are now at war following a Russian invasion. In response to these actions from...
Commercial and market outlook
EU Commission publishes climate change mitigation taxonomy
An excerpt from our European Weekly Bulletin, part of our Energy Spectrum Europe package. On Wednesday 2 February, the EU Commission presented its Taxonomy Complementary Climate Delegated Act on climate change mitigation and adaptation covering certain gas and nuclear activities. The commission states that it aims to prevent greenwashing and...
Home supply and services
Rocketing energy prices and failing suppliers—what is happening?
Sky high gas prices and energy suppliers going out of business have been key headlines in the news over recent weeks, but what is actually happening? Through the COVID-19 pandemic we saw much lower gas prices, which have been surging upwards since the spring and risen rapidly through the summer, a time...
Announcement
Your invite to our wholesale Summer Outlook 2021 webinar
We are delighted to invite you to our wholesale Summer Outlook webinar. On 12 May, Cornwall Insight will be hosting an open webinar covering our independent views, analysis and outlook of the upcoming summer 2021 period. As part of this session, we will explore a range of both historic and...
Regulation and policy
Ofgem “hands-on” in RIIO-2 as net zero route unfolds
During the next round of the RIIO price controls, Ofgem can be expected to take a more hands-on approach to outputs the networks are required to provide and the allowed revenues they can charge their users or consumers. This will have impacts for network development including the enabling of electric...
Commercial and market outlook
A look back at 2020 part 4
As we take our first steps into 2021, we take our final look back at the biggest developments in the UK energy markets in 2020, setting us up for the significant year ahead. Ofgem issued its decarbonisation Action Plan on 3 February as Jonathan Brearley became Ofgem CEO, setting out...
Regulation and policy
New gas transmission charging requires early charge changes
New gas transmission charging arrangements were implemented in October 2020 under UNC678A Amendments to Gas Charging Regime (Postage Stamp) in order to achieve alignment with the EU Tariffs Code (TAR). The change introduced a framework around capacity charges to cover transmission revenues with a methodology to calculate reserve prices based...
