Gas leak raises UK energy price worries StatoilHydro, Norway's national oil company, said it had discovered a leak in the pipeline bringing gas onshore from the Kvitebjorn offshore field, and that the pipe would have to remain closed for repairs, possibly until the spring of next year. StatoilHydro said it was "hoping" to repair the pipeline sooner, but spring 2009 was the only target date it could offer. The fields affected were expected to produce about 7.4bn cubic metres of gas this year, which would have been available for sale in Britain and continental Europe. The UK is expected to use about 90bn cubic metres of gas this year. Patrick Heren of ICIS Heren, a consultancy, said: "Relative to peak UK supply, the amount of gas affected is a relatively small proportion. But at the margin, when supply is tight over the winter, if you take a small amount out of the market that is going to have a severe effect on prices." Following the announcement, the futures market price of gas for the coming winter jumped 15 per cent, from 90.75p per therm to 104p, close to the record hit in June. The wholesale price of electricity, which is strongly influenced by the cost of gas because of its use in power generation, also rose sharply, with baseload power for the first quarter of 2009 rising about 9 per cent, according to Spectron, an energy marketplace.
StatoilHydro, Norway's national oil company, said it had discovered a leak in the pipeline bringing gas onshore from the Kvitebjorn offshore field, and that the pipe would have to remain closed for repairs, possibly until the spring of next year.
StatoilHydro said it was "hoping" to repair the pipeline sooner, but spring 2009 was the only target date it could offer.
The fields affected were expected to produce about 7.4bn cubic metres of gas this year, which would have been available for sale in Britain and continental Europe. The UK is expected to use about 90bn cubic metres of gas this year.
Patrick Heren of ICIS Heren, a consultancy, said: "Relative to peak UK supply, the amount of gas affected is a relatively small proportion. But at the margin, when supply is tight over the winter, if you take a small amount out of the market that is going to have a severe effect on prices."
Following the announcement, the futures market price of gas for the coming winter jumped 15 per cent, from 90.75p per therm to 104p, close to the record hit in June.
The wholesale price of electricity, which is strongly influenced by the cost of gas because of its use in power generation, also rose sharply, with baseload power for the first quarter of 2009 rising about 9 per cent, according to Spectron, an energy marketplace.
The Great British public ?? Well, we got screwed, but since when have the elites given a damn about the public ? keep to the Fen Causeway
