Britain looks to increase its energy security at next month’s G7 summit:

The Times newspaper has today reported that ‘Britain is to lead an international effort to stop Russia from using its vast natural energy supplies to hold the world to ransom’.Britain gets its gas from a wide range of sources which include North and Irish Sea production, (approximately 40%), underground pipelines from continental Europe and Norway, and Liquefied Natural Gas (LNG) shipped in from around the world.Whilst around a quarter of Europe’s gas is sourced from Russia, with half of that passing through Ukraine, Britain does not receive gas from Russia directly, but any disruption to supplies through Ukraine is likely to affect prices here.Ed Davey, the Energy Secretary, has been speaking ahead of next month’s G7 summit to be held in Rome, where Ministers from the G7 countries (Britain, US, Canada, Japan, France, Germany and Italy) will consider a package of measures on energy security in the hope of reducing the influence President Putin holds over the West by reducing their reliance on gas from Russia.Mr Davey said ‘Gas and energy goes around the world, so we are interrelated.  Therefore, if we are looking to improve Europe’s energy security we have to think on a global scale.  That’s why I very much welcome the G7 because it’s important we have the Americans, Canadians and Japanese around the table to think these issues through.’He added ‘We have to look at everything, from more diversified supplies of gas, whether it’s from the US, from shale or helping other countries who are demanding a lot of gas now but who needn’t.‘