Britain has exported record amounts of gas to Europe so far this year as its liquefied natural gas terminals receive shipments destined for the Continent. Electricity exports also have surged to unprecedented highs in recent weeks after an unexpected glut of gas pushed down short-term gas prices and resulted in gas-fired power plants generating more for export. Russia’s invasion of Ukraine caused a jump in gas prices and left the Continent scrambling for extra shipments of liquefied natural gas to replace Russian pipeline supplies. However, mainland Europe has insufficient LNG import terminals, so cargoes have arrived at terminals in Britain and then been exported to Europe by pipeline.
Times 19th May 2022 read more »