UK grid warns energy costs could skyrocket amid Russia gas curbs

Britain faces “knock-on impacts” for the country’s energy supplies such as rocketing prices if Russia cuts off natural gas flows to Europe, according to National Grid Plc.

Only about 6% of the UK’s gas imports come from Russia, a statistic the government has so far used to play down the risks of reduced flows to the UK energy system. The grid operator’s warning is the first time it has openly addressed the threat of Moscow’s decision to throttle fuel supplies.

“It is clear that the cessation of flows of gas into Europe could have knock-on impacts, including very high prices,” National Grid said Thursday in its early outlook for winter.