Is the news that the Government could be considering nationalising Gazprom UK just another crisis for the business energy sector? While such a move, as predicted in the Financial Times, would send more shockwaves through an energy industry already struggling under unprecedented pressures in recent months, it could actually be a good thing.
Firstly nationalising Gazprom UK would probably mean that current contracts would be secure saving companies millions and, I suspect, in many cases will rescue those companies from potentially having to close.
Secondly, nationalisation would mean that Gazprom UK would no longer have any connections with Russia negating the need for companies to consider cancelling, halting or withdrawing from current contracts as they seek to distance themselves from companies linked to the regime in the Kremlin.
Currently Gazprom UK provides 20 per cent of the supply to British companies and the effect of those contracts being cancelled and that supply being re-sold on the open market at the current very high rates does not bear thinking about.
It should be noted at this point that the gas supplied in Gazprom contracts for British businesses is bought in exactly the same way as it is by other energy suppliers and there is no suggestion that it comes directly from Russia.
Please think carefully before any action about your energy supplies or supplier; the key objective while ensuring we are doing all we can to support Ukraine in the process is to keep current contracts in place, save businesses and jobs in an already decimated industry.
If you want more information on how your energy supply is managed or need advice on getting the right energy deal for your business get in touch with us.