Energy Prices Could Rise If Ukraine Deteriates Into War
Mr Davey, the energy sectary has warned energy companies that they must not use the current crisis as an excuse to inflate bills. It has been suggested that if they buy their gas in advance this should cushion them from short term spikes. Currently Russia supplies 30% of gas into Europe. Experts predict that should sanctions be imposed or more worryingly if war breaks out that there would be a significant rise in prices across the continent.
Mr Davey who spoke on BBC One earlier today said 'The companies tend to buy their gas 18 months in advance. So they shouldn't be using it as an excuse to put up people's prices. Mr Davey stated that the risk of inflated gas prices showed the need for Britain to enhance more home grown energy such as nuclear power plants and wind farms.
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