UK Seeks 20-year Gas Deal With Norway to Avoid Winter Blackouts
The UK is on the cusp of securing a natural gas contract with Norway for as long as 20 years in a bid to stave off the risk of winter blackouts, people familiar with the matter said | The UK is on the cusp of securing a natural gas contract with Norway for as long as 20 years in a bid to stave off the risk of winter blackouts, people familiar with the matter said. ● A deal is expected to be secured next week, though ministers are still locked in negotiations with their Norwegian counterparts on price, the amount of gas and the length of the contract, according to one of the people, who asked not to be named discussing sensitive matters. ● Because of the length of contract under discussion, there’s a risk that locking in long-term arrangements now might leave the UK paying above-market prices in years to come since the current volatility gives producers considerable leverage. The business department didn’t immediately respond to a request for comment.