(OILPRICE) — Demand for natural gas in the UK soared during the coldest March in 50 years. This has led to a supply shortage, and some experts to suggest that Britain’s gas supplies could actually run out by the 8th of April, forcing them to import from Norway and Russia at far higher prices.
Whilst the government has been championing a “dash for gas” which has seen demand for the fuel increase significantly, they have done little to increase the storage capacity in the country. After the month of higher than expected demand the UK now only has a two day’s supply in reserve.
Ian Marchant, the chief executive of Scottish and Southern Energy, one of the UK’s largest power suppliers, commented that, “it appears the government is significantly underestimating the scale of the capacity crunch facing the UK in the next three years and there is a very real risk of the lights going out as a result.”