Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

UK looking at long-term energy contracts with other countries - PM Truss

Published 04/10/2022, 10:18
Updated 04/10/2022, 18:20
© Reuters. FILE PHOTO: British Prime Minister Liz Truss attends the annual Conservative Party conference, in Birmingham, Britain, October 2, 2022. REUTERS/Hannah McKay

LONDON (Reuters) -British Prime Minister Liz Truss said on Tuesday the government was looking at long term energy contracts with other countries but had not yet signed any deals.

Asked by reporters if she was considering buying Norwegian gas, Truss said: "We will move forward on our own energy security ... But we are looking at long term energy contracts with other countries because as well as making sure we have got a good price, energy security is vitally important."

"No deal has been signed," she added.

Asked for further details of Britain's strategy, a government spokesperson said:

"The new Energy Supply Taskforce has begun negotiations with domestic and international suppliers to agree long-term contracts to reduce the price they charge for energy and increase the UK's energy resilience."

Further details of the negotiations will be confirmed in due course, the spokesperson added.

Bloomberg News reported on Tuesday that Britain was in talks with Norway to secure a natural gas contract of potentially 20 years to guard against winter blackouts.

The Norwegian oil and energy ministry directed questions on a potential deal with Britain to energy companies, when contacted by Reuters.

"There has not been talks between Norwegian and British authorities regarding the sale of gas," a ministry representative said.

Equinor, which handles about 70-80% of Norwegian gas sales, declined comment on "market speculations".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.