FX.co ★ UK to meet demand for gas in Europe

The UK prepares to ship more gas to Europe due to low storage levels there. The Nord Stream 2 project has not been launched and despite acute cutbacks, European countries are trying to decrease their reliance on Russian energy. The UK said it would have enough gas supply to meet the demand. National Grid, a British multinational electricity and gas utility company, will increase natural gas transit from the UK to Europe in September. The UK will receive more pipeline gas from Norway through the Langeled pipeline under the North Sea and then transport gas to Belgium and the Netherlands. Currently, the European Union receives around 40% of Russian pipeline gas. At the same time, National Grid stated in its outlook that it could use British terminals and the national transportation system to transit gas to Europe. The EU plans to phase out gas, oil, and coal imports from Russia as well as to reduce demand for Russian gas by two-thirds before the end of the year.