Households warned about electricity blackouts if temperatures fall again
Should a cold snap hit the region, demand for gas could soar and hit supplies, meaning blackouts are “likely”, investor Goldman Sachs said.
Even though enough is currently stored up, bad weather could mean supplies could drop below lows seen in 2018, Sky News reports.
It comes as Brits are bracing themselves for a -7C Arctic blast to hit the nation, brining severe frost and even snow in some areas in the coming week.
The bank also said gas prices could double if Russia increases its supply of gas into northwest Europe.
But other experts have warned that Russia could decide to restrict the flow of natural gas and petrol into Europe as tensions between the country and Ukraine grow.
Should Russia invade Ukraine, supply of gas into Europe could be tapered off, hitting supply and hiking prices.
Although just 3% of the UK’s gas is supplied from Russia, compared to the 35% that Europe as a whole gets, households have been warned that they could feel the impact.