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US-Britain energy partnership aims to increase LNG supply

 


Rishi Sunak and Joe Biden pictured on the sidelines of the G20 summit in Indonesia on November 16, 2022.

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LONDON The UK and the US are forming a new energy partnership focused on increasing energy security and lowering prices.

In a statement on Wednesday, the British government said the new partnership “will lead to reduced global dependence on Russian energy exports, stabilize energy markets and strengthen collaboration on energy efficiency, nuclear and renewable energies.

The UK-US Energy Security and Affordability Partnership, as it is known, will be spearheaded by a joint UK-US action group led by White House and UK government officials.

Among other things, the group will undertake efforts to ensure that the market accelerates the supply of liquefied natural gas from the United States to the United Kingdom.

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“As part of this, the United States will strive to export at least 9-10 billion cubic meters of LNG over the next year through UK terminals, doubling the level exported in 2021 and capitalizing on the main import infrastructure from the UK,” Wednesday’s announcement said.

“The group will also work to reduce global dependence on Russian energy by leading efforts to increase energy efficiency and supporting the transition to clean energy, accelerating the development of clean hydrogen at scale. world and promoting civilian nuclear power as a safe use of energy,” he added.

Commenting on the plans, UK Prime Minister Rishi Sunak said: “We have the natural resources, the industry and the innovative thinking we need to create a better, freer system and accelerate the transition to clean energy.”

“This partnership will bring down prices for UK consumers and help end Europe’s dependence on Russian energy once and for all.”

The news comes at a time when global energy markets are in upheaval following Russia’s invasion of Ukraine in February.

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The Kremlin was the EU’s largest supplier of natural gas and oil in 2021, according to Eurostat, but Russia’s gas exports to the European Union have been significantly reduced this year. The UK left the EU on January 31, 2020.

Major European economies have been trying to reduce their own consumption and bolster supplies from alternative sources for the colder months ahead and beyond.

Top energy industry CEOs have predicted that turmoil in energy markets will persist for some time. “Things are extremely turbulent, as they have been all year, I would say,” Francesco Starace, CEO of Enel in Italy, told CNBC last month.

“The turmoil we’re going to have will remain, it might change the pattern a bit, but we’re looking at a year or two of extreme volatility in the energy markets,” Starace added.

Sources

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2/ https://www.cnbc.com/2022/12/07/energy-partnership-between-us-britain-aims-to-ramp-up-lng-supplies.html

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