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UK Energy crisis to last three years, warns National Grid

By ineco | 2nd September 2022

A draft proposal from National Grid proposes making payments of up to £5mln this winter to factories that cut production if the gas crisis worsens due to the war in Ukraine, the Telegraph reported

UK Energy crisis

National Grid PLC (LSE:NG.) has warned of a three-year energy crisis as an emergency effort is launched to reduce factory power consumption, according to reports.

Attempts are being made by National Grid to avoid uncontrolled blackouts that would have a major economic and societal impact by paying large industrial companies to cut their gas usage every winter until 2025, the Telegraph reported.

The UK’s biggest business group, Confederation of British Industry (CBI) has warned that spiraling energy costs threaten to bring thousands of firms to their knees and has called on the government to freeze business rates for another year and act quickly to prevent business closures.

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