Centrica and Equinor have signed an agreement to deliver an additional 1bn cubic metres ( bcm ) of gas supplies to the UK for each of the next three winters .

Why is it significant ? Given the energy supply crisis , Ukraine conflict and macroeconomic uncertainty , the deal provides energy security to the UK . The new gas supply agreement will see Equinor deliver sufficient gas to Centrica over the coming three winters to heat an additional 4.5mn homes .

What are the details and how does it affect Scandinavian relations ? Centrica will now buy a total of 10bcm of gas per year from Equinor , a material part of the UK ’ s typical yearly gas demand . With Britain currently importing around a third of its gas requirements from Norway , the announcement underlines the strategic importance of the Norwegian relationship to UK energy security .

Aren ’ t we supposed to be weaning ourselves off gas and developing more renewables ? While the UK continues to ramp up renewables and develop nuclear energy to boost its energy independence , the reality is that it will still need natural gas for many decades to come . “ We cannot , and will not , turn off the taps overnight ,” said Business Secretary Kwasi Kwarteng .

What is Equinor doing on the renewables front ? Equinor and its partners Petoro , TotalEnergies , Shell and ConocoPhillips in the Troll and Oseberg fields , are looking into possible options for building a floating offshore wind farm in the Troll area , around 65km west of Bergen .

� AXA INVESTMENT MANAGERS AND GREENSTRUXURE AXA Investment Managers is investing $ 15mn in Greenstruxure , the energy supply and services company that aims to deliver zerocarbon digital energy .

� CONNECTED ENERGY Connected Energy is set to scale up in the utilities sector after securing £ 15mn from five investors .

� REAL ESTATE SECTOR Real estate , construction and hotels are the sectors most impacted by energy mis-selling when undisclosed commissions inflate the overall energy spend for clients , according to Business Energy Claims .

� ITM POWER Hydrogen power business ITM Power recorded a £ 36.5mn loss in the year to April 30 as it ramped up production capacity .

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