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Ed Miliband, the UK energy minister, has acknowledged that cheap energy prices in the UK could be threatened if the dispute between Russia and Ukraine continues, reports the BBC.
He sought to reassure consumers that gas supplies to the UK remained secure, despite European wholesale prices rising by over 25 per cent over the past few days in response to Russia cutting off Ukraine's gas supply. The UK does not import much gas from Russia but remains susceptible to fluctuations in the European wholesale energy market.
Mr Miliband told the BBC's Today programme: "I feel confident about Britain. I think for Europe though this is a salutary lesson. For individual member states it emphasises the importance of a diverse range of supplies."
Energy suppliers in the UK have said that cheap energy will be deliverable in the spring provided that wholesale costs continue to fall.
Britain has been exporting gas to Europe in recent days in response to the dispute between Russia and Ukraine and industry experts have renewed calls for an increase to the UK's gas storage capacities.
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