Rishi Sunak and Joe Biden photographed on the sidelines of the G20 Summit in Indonesia, November 16, 2022.
Saul Loeb | AFP | Getty’s paintings
LONDON – The United Kingdom and the United States form a latest energy partnership geared toward increasing energy security and lowering prices.
In Wednesday’s statement the UK government said the latest partnership “will spur work to reduce global dependence on Russian energy exports, stabilize energy markets and increase cooperation on energy efficiency, nuclear and renewables.”
The UK-US Partnership on Energy Security and Affordability, because it is thought, can be led by a UK-US Joint Motion Group led by officials from each the White House and UK government.
The group will undertake efforts to make the market increase the supply of liquefied natural gas from the US to the UK
“As a part of this, the US will aim to export at the least 9-10 billion cubic meters of LNG over the next yr through UK terminals, greater than double the amount in 2021, he said.
“The group may even work to reduce global dependence on Russian energy by stimulating energy efficiency efforts and supporting the clean energy transition, accelerating the global development of fresh hydrogen and promoting civilian nuclear energy as a protected energy use,” she added.
Commenting on the plans, UK Prime Minister Rishi Sunak said: “We’ve got the natural resources, industry and modern considering we want to create a greater, freer system and speed up the clean energy transition.”
“This partnership will lower prices for UK consumers and help end Europe’s dependence on Russian energy once and for all.”
The news comes amid massive disruption to global energy markets following Russia’s invasion of Ukraine in February.
The Kremlin was the largest supplier of each natural gas and oil to the EU in 2021, according to Eurostat, but gas exports from Russia to the European Union have been significantly reduced this yr. The UK left the EU on January 31, 2020.
Major European economies try to reduce their very own consumption and secure supplies from alternative sources for the colder months ahead – and beyond.
Top energy industry CEOs predict that the turmoil in energy markets is probably going to proceed for a while to come. “The situation could be very turbulent, as I’d say throughout the yr,” said Francesco Starace, director general of the Italian enelhe told CNBC last month.
“The turmoil we’re going to have will remain – it could change a bit, the pattern, but we’re one or two years of utmost volatility in the energy markets,” Starace added.