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Fracking shale gas won’t cut energy costs or make the UK self-sufficient – Bloomberg

Evidence submitted by Bloomberg New Energy Finance to the House of Lords Economic Affairs Committee (2/10/2013) suggests exploitation of shale in the UK could provide a new source of natural gas but it will not be “a panacea for bringing down gas and electricity bills.” Research by the company suggests exploitation costs in the UK will be 50% to 100% higher than in the USA. It concludes that even under the most favourable circumstances, exploitation of shale won’t make the make the UK self-sufficient in gas and its direct impact on the cost of electricity will be limited.

Timeline – October 2013

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