Business gas and electricity prices could lower with EDF acquisition - 17/07/2009
There could be a reduction in both business energy prices and domestic bills with news that energy firm EDF has acquired a new site for gas storage.
The company bought the Cheshire site from British Salt and will use it to establish a new gas storage facility capable of holding 36 million therms, which will be in an operational condition within seven years.
Britain has one of the lowest gas storage supplies in Europe, exposing it to fluctuations in import prices as supplies in the North Sea begin to fall.
Martin Lawrence, EDF Energy's managing director of energy sourcing, told Reuters: "We have been working for some time with British Salt to bring this transaction to a conclusion and we are pleased this project is being taken forward by EDF Energy with British Salt."
Issues of energy security in the UK have been more pertinent since Russia cut off the gas supply to Ukraine in January for several days in a billing dispute and several European countries reported problems with their gas flow.
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