Norway offers a future for UK energy supplies

Every Christmas Norway gives the UK a gift of a Christmas tree for Trafalgar Square, as a symbol of peace and a thank you for British support in Norway during the Second World War.

Recent talks have strengthened the relationship between the two countries and the two Prime Ministers have signed an energy agreement that cements the bond. Norway has the capacity to provide the UK with a reliable and affordable energy source for the future.

Norway currently supplies more than 25% of the UK’s annual energy demand and obtains most of its own energy through hydro-electric power. As one of the world’s biggest oil and gas producers, it exports significantly more energy than it uses, so the energy agreement puts the UK in a good position to benefit from their imports.

With the decline in North Sea Oil supplies and concerns over Nuclear energy production, the percentage of energy imported from Norway will grow significantly.

Other key oil and gas suppliers are seen as more risky, mainly due to ongoing political issues. The agreement between UK and Norway is much more stable and will focus on the exploration of new sources of gas, oil and renewable energy, with the aim of securing long term supplies.

The agreement is likely to lead to many benefits including; substantial job opportunities in both countries, investment in the exploration of new energy sources and related technologies. For the everyday person, this collaboration will enable the UK to prevent significant fuel cost increases in the future, meaning affordable energy supplies.

At Utel Audits we always aim to search out high quality energy supplies at the lowest cost to meet our customer’s specific needs. This Norwegian and UK energy agreement is good news for us and the customers we support, both now and in the future.

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