May 25, 2023
UK Marks One Year Without Russian Gas as Renewable Energy Surges
(Bloomberg) -- Britain imported no natural gas from Russia in the past 12 months, a sharp contrast with other European countries that are still reliant on the fuel helping fund Moscow’s Ukraine war.
Record renewable energy production, which accounted for 46% of the UK’s electricity output in the past three months, was a key factor in reaching the milestone, the Department for Business, Energy and Industrial Strategy said in a statement.
While the UK has stayed away from Russian imports, much of Europe is still relying on the country’s fuel, especially shipments of liquefied natural gas. The steady supply of the seaborne cargoes has helped energy costs drop across Europe including Britain, with benchmark gas prices now less than 10% of last year’s record high.
EU Aims to Give Members Option to Block Russian LNG Imports
While the UK banned Russian ships from its ports last year, no global sanctions have been imposed on LNG from Russia and only a handful of nations banned the trade since the Kremlin’s Ukraine invasion. Still, calls to seek alternative suppliers have intensified in Europe.
The Dutch government is working on ending all LNG imports from Russia, while Spain, the biggest European buyer of LNG from the country, started urging importers not to sign new contracts.
©2023 Bloomberg L.P.