Business energy prices could benefit from grid upgrade - 02/07/2009
Businesses and homes in the UK looking to switch energy companies in pursuit of cheaper prices may benefit from upgrades to the gas distribution network.
National Grid is to receive £360 million from the European Investment Bank (EIB) to help fund upgrades and enhance Britain's energy security as gas reserves begin to deplete and the UK becomes more reliant on imports, reports energyrisk.com.
Last year, just over 20 per cent of EIB energy funding went on improving gas infrastructure, while nearly 30 per cent was spent on electricity grids.
Simon Brooks, EIB vice president responsible for lending operations in the UK, told the website: "The investment programme will have a positive impact on the security of the supply of energy in the UK and will help to ensure that gas will replace less efficient and more polluting sources of energy in domestic, commercial and industrial environments."
The issue of gas security has been raised more prominently in Europe since Russia cut off supplies to Ukraine in January, reportedly affecting several eastern European countries in the process.
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