Kwasi Kwarteng says gas prices are ‘global issue’
Newspaper Zeit Online, a German -based newspaper, has taken aim at the UK, placing blame on them for the dramatic rise in gas prices.The newspaper has highlighted a chain of events in the UK which have led to this rise in recent months.
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Princess Beatrice baby name favourite pays tribute to Queen The production of natural gas accounts for 42 percent of all energy production in the UK.
Around half of the national gas which is produced in the UK is produced directly by the UK themselves.
The rest of the production comes from Europe, with Norway and France providing some of this gas, as well as Russia.
The newspaper highlights the UK no longer having no large stocks, after it had abandoned a deposit which they had in the North Sea in 2017.
Gas prices have significantly been rising in the UK (Image: Getty)
Gas being stored at a terminal (Image: Getty) Furthermore, the Government of the UK had also taken the decision against building new storage units in 2018, which Germany uses to store around 20 percent of its annual consumption.
Zeit Online acknowledged the impact which the coronavirus pandemic has had on gas production, with the industrial production being weakened due to the restrictions which were in place during the pandemic.
However, as part of the UK leaving the European Union, the UK also left the EU energy market, which allows for cross-border trading between countries of energy.
As the UK is no longer part of this energy market, the newspaper believes this has had a negative impact on gas prices in the country.
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Easington Gas Terminal stores gas in this area (Image: Getty)
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Kate pregnant? Duchess to follow in Middletons’ footsteps This damaging effect is shown in the newspaper article by the “day ahead” gas prices for September 19 and 20, which is the price for gas which is to be traded and then delivered the next day.
According to reports in the newspaper, 185.80 euros per megawatt hour were paid on that day for the EU’s day ahead gas prices.
However, in the UK, the amount paid is 925 pounds per megawatt hour, equivalent to around 1,100 euros.
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UK Brexit Strategy (Image: Express) Trending The UK’s departure from the European energy market through Brexit has seen extremely high gas prices due to not having the benefit of being part of this energy market.
As part of the energy market, the UK would have had to recognise the European Court of Justice.
All members of the energy market have already agreed to recognise the European Court of Justice as part of this market.
Cooker burning (Image: Getty) However, as the UK is not in this market, they have not recognised the European Court of Justice, making trading more difficult, according to the newspaper.
Kwasi Kwarteng, the business secretary for the UK has said that the UK will not run out of gas in the coming months.
Mr Kwarteng has assured the British people that there will be measures in place to protect customers during the crisis.
Additional reporting by Monika Pallenberg
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