The occurrence of another battle between Russia and Ukraine over gas and the resulting restriction and even cutting off of supplies to some parts of Europe should give us cause for wider concern, even if the dispute, as seems likely, will be resolved in a matter of a week or so.

Britain currently derives only about 2% of its gas supplies from Russia, but as we all know, natural gas supplies from the North Sea are dwindling. Central Asia has gas supplies and pipelines are being built, but not only are we obviously talking about a fossil fuel here, we are also talking about our continuing reliance on energy supplies from other parts of the world, which may not be or remain friendly to us. At least one recent study, by Deloitte, indicates that even the oil industry is realising that things have to change to focus on renewables and it is becoming recognised that energy security is a serious concern.

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