Gas pressure on consumers builds further

It also includes the repayment of account credit balances built up by customers over last summer. The deceased suppliers burned through those balances in trying to keep buying on that fast-rising short-term wholesale market.

Nuclear plants, such as Hunterston, are being closed and in Britain, they are replaced very slowly or not at all. Coal-burning is being shut down. So there is more dependence on gas to provide the baseload supply, meaning demand for gas is up.That has left less of the supply to replenish gas storage. The UK has very little gas storage, preferring to see its upstream primary resource as a form of energy security.The coming summer will need to see the stocks built up again for next winter.

The ultimatum, thrown down just before Christmas, looks as if it's designed to be rejected by a Kremlin administration that wants to crank up the tensions. Such behaviour over the past decade is one of the main reasons customers have diversified supply to LNG and to Norway, but there is still a reliance on Russia and a vulnerability.The early stages of talks between the US and Russia, and then between Nato and Russia, have not shown much sign of reducing this tension.

That drive towards net zero was given a lot of impetus by the COP26 gathering in Glasgow last November.You may recall that conference nearly foundered on the issue of whether coal was to be "phased out" or, in the words of the final agreement "phased down". What followed some weeks later was a report from the International Energy Agency, showing that burning of coal reached new records last year.

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Some highly spurious arguments there regarding VAT on fuel, as if by far the biggest consumers of energy weren't already on zero VAT, and as if the energy it is applicable to is purely that generated by fossil fuels. This is totally incorrect and should be corrected.

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