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FX.co ★ National Grid: energy crisis to last for another three years

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Forex Humor:::2022-09-08T07:25:00

National Grid: energy crisis to last for another three years

Experts at National Grid, one of the world's largest publicly listed utilities focused on transmission and distribution of electricity and gas, have come to the conclusion that the energy crisis will last for another three years. The forecast was published as a part of the plan to reduce power demand from factories across Britain. “Large industrial companies would be paid to cut gas usage every winter until 2025 as National Grid attempts to avoid uncontrolled blackouts that would cause a major economic and societal impact,” the document reads. “National Grid's draft proposals recommend making payments of up to £5m this winter for factories that cut production if the gas crisis escalates.” The company’s representative also warned that factory owners might face compulsory gas rationing. This will happen if the factories do not “put in bids for the so-called Demand Side Response (DSR) payments.” Earlier, Bloomberg highlighted five sectors of the global economy, which were damaged more than others by the energy crisis. They are metallurgy, the production of fertilizers, sugar, materials for electric car batteries, and solar panels.

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