How the Tories have fuelled Britain’s energy crisis

Britain is caught in an energy crisis of the government’s own making. It is true that gas prices have spiked all over the world — but Britain is suffering more than most. Energy suppliers are going out of business, thanks to the government’s price cap. Even fertiliser companies are going bust, with serious knock-on effects for the food industry: the British Meat Processors Association says shortages could hit within a fortnight.

The trigger for this crisis has been the sudden surge in demand for gas as the global economy recovers from the Covid lockdowns. Gas prices have doubled in the United States, for example. In Britain, however, prices are five times higher. Why? Because America exploited fracking technology and capitalised on its huge inland gas reserves. Britain passed up the fracking opportunity, in spite of vast reserves found in Lancashire and Yorkshire. We are living with the consequences.

While the UK government is right to phase out the burning of coal (easily the dirtiest form of energy, emitting around twice as much carbon dioxide as gas plants), it is also running down our gas infrastructure without providing a viable alternative. In 2017, the Rough storage facility off the Yorkshire coast, which accounted for two-thirds of our gas capacity, was closed and not replaced.

Every country has gas reserves in the event of widespread shortages. France has 14 weeks’ worth, Germany has eight weeks, Italy has 11 weeks, while Britain has just four days. That is virtually no buffer at all when a supply crisis strikes.

There is plenty that can go wrong with gas: a fire knocked out a major power cable linking Britain with France last week, for example.