The owner of British Gas has placed a £1.5bn bet on the UK’s future reliance on fossil fuel imports after striking a deal to buy Europe’s biggest gas import terminal.
Centrica plans to partner with a US private equity firm to acquire the Isle of Grain terminal in Kent, which can import 15m tonnes of liquefied natural gas a year, even after Britain’s gas demand fell last year to its lowest level since the early 1990s.
The pair will buy the gas terminal from the FTSE 100 energy company National Grid, which in recent years has sold off its interests in Britain’s gas infrastructure in favour of investing in electricity grids.
Norway, Europe’s largest natural gas producer (and the eighth largest globally) is expected to contract slightly by 1.6% in 2025 according to Norwegian officials.
But this appears to be a rare exception against the opposite global trend. The world’s biggest natural gas producers U.S. (which is also the biggest producer of fuel), Russia, Iran, China (also the biggest coal producer, and is still increasing coal production as I have just read here) are all expected to increase gas production in 2025, and are expected to do so beyond next year.
I expect that the plan to go full electric with cars in 5 years will get cancelled since that will basically mean handing over our vehicle production to China.
Probably will and it’s bullshit. The companies have had plenty time to figure out EVs.