London
CNN Enterprise
—
Britain has agreed a brand new power partnership with the US that goals to finish its reliance on Russia and decrease hovering power prices.
UK Prime Minister Rishi Sunak introduced the partnership in a press release on Wednesday. He mentioned the intention was to double the quantity of liquified pure fuel (LNG) the US exports to Britain in comparison with 2021 ranges.
“This can be good for each UK and European companions as we glance to replenish fuel storage subsequent 12 months,” the UK authorities mentioned within the assertion.
Beneath the “UK-US Power Safety and Affordability Partnership,” the 2 international locations will work to cut back world dependence on Russian power exports and step up collaboration on power effectivity, nuclear energy and renewables. The initiative can be overseen by senior officers from either side.
Since Russia invaded Ukraine in late February, there was a dramatic improve in shipments of US LNG throughout the Atlantic, as Britain and international locations in Europe have scrambled to switch Moscow’s power exports.
The power disaster has pushed costs to document ranges, sending inflation to multi-decade highs throughout Europe and prompting governments to spend billions subsidizing family power payments.
The initiative with the UK comes 9 months after the US agreed a take care of the European Union to extend LNG shipments to Europe. Based on the US Power Info Administration, the US turned the world’s largest exporter of LNG within the first half of this 12 months.
Beneath the brand new partnership, the US will intention to export “a minimum of” 9-10 billion cubic meters of LNG through UK terminals. That’s consistent with the rise in exports seen this 12 months, based on Reuters.
Refinitiv Eikon knowledge confirmed Britain has imported round 11 billion cubic meters of fuel from the US to this point within the first 11 months of 2022, up from 4 billion cubic meters in 2021.
“This partnership will carry down costs for British shoppers and assist finish Europe’s dependence on Russian power as soon as and for all,” Sunak mentioned within the assertion.
— Anna Cooban contributed reporting
