UK aims to double US gas imports under new deal

The UK has agreed to double imports of US gas over the next year as it tries to stabilise soaring energy prices.

Prime Minister Rishi Sunak said the plan would "bring down prices for British consumers and help end Europe's dependence on Russian energy".

Russia has cut off the majority of its gas supplies to Europe over the past year after its invasion of Ukraine.

The UK does not import gas from Russia directly, but has been hit by rising wholesale prices on the Continent.

Under the agreement, the UK aims to double imports of liquefied natural gas (LNG) from the US to 9-10 billion cubic metres over the next year.

The two countries have also pledged to boost collaboration over the development of new nuclear and green energy technologies.

The partnership will be steered by a new UK-US joint action group, led by senior officials from the British government and the White House, with the first meeting held virtually on Thursday.

Citing the war in Ukraine, Mr Sunak and Mr Biden said in a joint statement that it is "more important than ever" for allies to work together to build "resilient international systems".

"Our immediate shared goal to stabilise energy markets, reduce demand, and ensure short-term security of supply is underpinned by the longer-term objective of supporting a stable energy transition to achieving net zero emissions by 2050, which in itself will strengthen our energy security," they said.

Nathan Piper, head of oil and gas research for Investec, said the deal would help to secure gas supplies across Europe, where Russian gas imports are down by over 80% compared to last year.

However, he said that the UK-US plan was more a statement of intent, adding "it's not certain but an ambition".

There are concerns that Europe's increasing reliance on LNG could hamper efforts to tackle global warming.