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US gas companies will be urged to increase their exports to Europe via the UK under the new Transatlantic Energy Partnership agreed by Rishi Sunak and Joe Biden.
The new “UK-US Energy Security and Affordability Partnership” announced on Wednesday includes a commitment from the White House to “seek to export at least 9-10 billion cubic meters of liquefied natural gas (LNG) through UK terminals over the next year”. Number 10 Downing Street said. Aspiration includes gas for UK consumption and gas that can be re-exported via pipeline to mainland Europe.
The UK has three LNG terminals – two in Milford Haven, Wales and one in Medway, Kent – and has become a major hub for LNG supplies from the US to Europe; A vital lifeline as the continent sought to replace Russian pipeline gas after Moscow’s invasion of Ukraine.
The new partnership between the US and the UK in many ways mirrors the current US-EU task force which also focuses on energy security. With the first virtual meeting taking place on Thursday, Downing Street said, it will be led by a “joint working group” comprising senior officials from the White House and the UK government.
As well as helping to guarantee UK and EU gas supplies, it will work on the promotion of nuclear power, including small modular reactors, in third countries, in addition to global investment in clean energy and efficiency. British Prime Minister Sunak and US President Biden discussed the partnership at the G20 summit in Indonesia last month.
“This partnership will bring down prices for British consumers and help end Europe’s dependence on Russian energy once and for all,” Sunak said. “Together, the UK and the US will ensure global energy prices and the security of our national supply can never again be manipulated by the whims of a failed regime. We have the natural resources, industry and innovative thinking we need to build a better, freer system and accelerate the clean energy transition.” need to give.”
LNG commitments will depend on US gas exporting companies. In the case of its task force with the European Union, the US government will likely play a role in encouraging companies to direct their cargo to the UK.
Both sides will “proactively identify and address any issues faced by exporters and importers,” Downing Street said, adding that “we will identify opportunities to support trade agreements that enhance security of supply.”
Adam Bell, a former UK government energy official and now head of policy at consultancy Stonehaven, said facilitating the flow of gas to the EU was a “diplomatic reversal” for the UK: “Especially this winter when we want pipelines to increase gas flow. Another way; to Europe There are stores that we don’t have.” The UK will also benefit from shipping charges as gas passes through its network, Bell added.
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