Shale gas from fracking won’t be cheap, says report
Although Chancellor George Osborne hoped to deliver cheap energy by allowing for extensive fracking operations across the UK, it seems that his plans might be quite off, since a group of experts have just revealed the fact that any boom in shale gas production would be “unlikely to give the UK cheap gas”.
According to a news report, Carbon Connect, a steering group of industry and academic experts chaired jointly by Mr Hendry, a Conservative MP, and Baroness Worthington, Labour’s Energy and Climate Change spokesperson in the House of Lords, has drawn up a report concluding that “despite the support for UK shale gas announced in the Chancellor’s Budget, there remains a great uncertainty around the size of the prize and developments in the industry, which could take a decade and are unlikely to give the UK cheap gas.”
The report also argues that even a supposed UK shale price boom will have little to no effect on the energy price in this country, because the gas can be exported through pipes to Europe where the prices are higher or by being frozen to 1/600th of its size and shipped further afield to Asia in the form of liquefied natural gas for an even higher price. In other words, the UK price is likely to rise at least to European levels.
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