A GAS deal between UK and Norway to avoid blackouts this winter has collapsed, The Sun can reveal.
Britain had been trying to bulk-buy decades worth of gas to keep the lights on, but the asking price proved to high for the Treasury after months of talks.
A multi-billion pound 20 year deal with the gas firm Equinor would have secured Britain’s energy needs against the risk of shortages – but talks fell apart over the asking price.
Gas prices have quadrupled in the past year meaning that even if the government was to lock in a discount on today’s prices it could be overpaying by huge amounts in future years if the market was to settle back down.
It comes as Britain prepares to ship thousands of tonnes of gas from the USA – despite the massive carbon foot print cost – while banning gas production in the UK.
Rishi Sunak is to ink a long term gas deal negotiated by Liz Truss and Joe Biden within days – possibly at the G20 summit in Bali next week.
It will see UK gas supplies secured this winter, but at a major cost to the public finances and the planet.