Europe must slash its gas consumption to prevent the risk of power rationing and widespread blackouts this winter, the global energy watchdog has warned.

The International Energy Agency warned that the continent and the UK needed to voluntarily reduce gas demand by 13% in order to remain “safe and secure” if Russia cuts off supplies completely.

The Telegraph reports that failing to do this will leave countries exposed to industrial power rationing and possibly even widespread blackouts affecting businesses and homes if a late-winter cold snap.

In its latest gas market report, the IEA said: “Europe’s security of gas supply is facing unprecedented risk as Russia intensifies its use of natural gas supplies as a political weapon.

“The possibility of a complete cut-off in Russian gas deliveries cannot be dismissed ahead of the heating season – when the European gas system is at its most vulnerable.

“Our analysis indicates that maintaining adequate storage levels until the end of the heating season – at 33pc of their working storage capacity as a minimum – will be crucial for a safe and secure winter.”

FTSE 100

London’s stock markets rallied yesterday after the government’s decision to reverse many of the tax cuts set out in last month’s mini-budget.

The FTSE 250 index extended gains for a third consecutive day, rising 2.8% to 17,502.

The FTSE 100, home to Britain’s biggest listed companies, rose by 0.9% to 6,920. Today it started early trading up 45-points at 6,965.

Companies reporting today

  • Bellway - Full year results
  • Moneysupermarket - Q3 trading statement
  • Netflix - Q3 results
  • Ninety One - Assets under management statement

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