Business energy costs 'may rise' after Japan disaster

High energy bills? Stay cool! #SummerEnergySavings

Compare energy deals and switch supplier to cut your bills by £447* and a chance to win a Dyson Cool Tower Fan!

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jul 2018 and 31 Dec 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £447 or more.

Business gas prices could rise as a result of the Japanese earthquake, a Shell boss has said.

Simon Henry, the company's chief financial officer, asserted: "There is likely to be a tightening of the [liquefied natural gas (LNG)] market and therefore gas markets in Europe and Asia over the next couple of years."

On March 12th, Fukushima's nuclear power plant was hit by an explosion that may have contributed to the Far East nation needing to import more fossil fuel from other countries, affecting the current supply line and Shell said it has already made emergency deliveries to the disaster-hit country.

According to Deutsche Bank, the UK is increasingly dependent upon LNG for energy supplies and the nation will become at risk of losing trade - more so than anywhere else in Europe - to Japan.

Mr Henry added that "spot" prices may increase but Shell has plans to raise oil barrel production to 3.7 million every day by 2014.

Posted by Jim Tidy

 

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more