Senior cabinet minister claims winter blackouts highly unlikely - Kalkine Media

October 11, 2022 08:00 AM BST | By Rishika Raina
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Highlights

  • National Grid had recently warned that there might be planned power cuts over winter.
  • Senior cabinet minister Nadhim Zahawi has claimed that the chances of facing blackouts are extremely low.
  • Zahawi confirmed that the £14 million public information campaign about energy conservation would not be carried out.

National Grid had recently warned that millions of UK households and businesses might have to experience planned power cuts over the coming winter. However, a senior cabinet minister, Nadhim Zahawi, has claimed that the chances of facing blackouts are extremely low. He said the UK government would ensure sufficient energy supply was available and people could enjoy the festive season.

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The chancellor of the Duchy of Lancaster said that planning for every situation is vital but confirmed that the £14 million public information campaign would not be carried out. The campaign was aimed at informing people about energy conservation, but several suppliers have already given customers advice about energy usage directly.  

Zahawi supported his claim that the UK has the second biggest liquefied natural gas processing infrastructure across Europe and that the country's gas production had increased by 26% this year. Countering National Grid's warning that Brits would have to deal with sequences of three-hour power cuts over the harsh winter months, Zahawi has established his belief in the UK's energy resilience.

Approaching the winter months, UK investors can evaluate the performances of the following energy firms. 

Energean plc (LON: ENOG)

The YTD (year to date) return of the global hydrocarbon explorer and producer, Energean plc, stands at 60.94% as of 10 October. Meanwhile, the annual return of the company stands at 52.65%. ENOG shares were trading at GBX 1,376.00 on Monday at around 1:00 PM (GMT+1), seeing a dip of 3.37%. The market capitalisation of the FTSE 250 firm at the time of writing stands at £2,535.30 million. Currently, the company's turnover (on the book) stands at £508,646.18 and has a negative EPS (earning per share) of -0.54. 

Hunting plc (LON: HTG)

The YTD return of the company offering energy-related services to oil and gas businesses, Hunting plc, stands at 50.32% as of 10 October. Meanwhile, the annual return of the company stands at 19.41%. HTG shares were trading at GBX 253.50 on Monday at around 1:05 PM (GMT+1), seeing a dip of 5.23%. The firm's market capitalisation at the time of writing stands at £441.21 million. Currently, the company's turnover (on the book) stands at £37,261.93 and has a negative EPS of -0.53. 

EnQuest plc (LON: ENQ)

The YTD return of the UK-based company concentrating on petroleum production, EnQuest plc, stands at 59.68% as of 10 October. Meanwhile, the annual return of the company stands at 19.33%. ENQ shares were trading at GBX 29.80 on Monday at around 1:15 PM (GMT+1), seeing a dip of 1.81%. The firm's market capitalisation at the time of writing stands at £572.38 million. Currently, the company's turnover (on the book) stands at £261,794.60 and has a positive EPS of 0.22.


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