Do not expect any joy with energy prices. In 2022 the EU bought a LOT of gas from Russia and filled its reservoirs to make it though the Winter. This Winter is going to be very very different. The wholesale cost of LNG is going to rise drastically as Germany needs to fill its gas reservoirs for this coming Winter without Russian gas. We thought it was bad last year with energy prices. Indeed, the Winter of 2023-2024 is going to be catastropic.
Don’t forget the UK has three huge LNG terminals. The UK produces natural gas indigenously from the North Sea in the form of methane, and has imported LNG since 2005 from Qatar, United States and Nigera been our main suppliers. The UK 18.7 bcm of LNG in 2019 and has increased since it lost its main nest egg Russia.
I’m not saying wholesale price isn’t going to increase, which it will now the EU has to source it from, outside Russia!