Better relationships with importers could result in cheap energy - 06/08/2009
Building stronger relationships with gas importers in Europe and the Middle East could result in UK consumers paying lower energy supplier bills, according to an expert.
Malcolm Wicks, a former energy minister, has advocated building stronger ties with importers such as Saudi Arabia, Qatar and Norway, as well as putting a more concerted effort into developing the UK's renewable energy sector, reports the Telegraph.
He also called for offshore gas storage facilities to be reserved by the government for the UK rather than being held by energy suppliers, which could stir controversy in the industry.
Dr Neil Bentley, director of business environment for the Confederation of British Industry, told the paper: "The government is already shaping the market through various low-carbon targets and incentives, and more intervention is not necessarily the answer."
The UK currently has some of the lowest gas storage reserves in Europe, potentially exposing the country to fluctuating continental prices.
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