Cleaning Up: Leadership in an Age of Climate Change Why Does The UK Pay So Much For Cheap-To-Produce Gas? | Ep236: Seb Kennedy
Dec 3, 2025
Seb Kennedy, an energy journalist and founder of Energy Flux, joins Baroness Bryony Worthington to dissect the complexities of today’s gas markets. They explore the UK’s heavy reliance on Norwegian gas and the impacts of volatile prices amid global tensions. Seb outlines a potential LNG supply wave, the risks of demand destruction, and the challenges of electrification. They debate whether governments should intervene in gas deals and examine Norway's role in stabilizing energy for the UK while considering the implications of market speculation on consumers.
AI Snips
Chapters
Transcript
Episode notes
Imminent LNG Supply Wave
- Global gas faces a looming 50% increase in LNG supply by 2029–2030 that could create a structural glut.
- Prices must fall to stimulate new demand, making future price direction highly uncertain.
Electrification Threatens Gas Demand
- Electrification and rapid EV/truck adoption can erase expected gas demand growth in key markets like China.
- Cheap gas may not secure future demand where cheaper electric alternatives scale fast.
Qatar Holds Market Power
- Qatar's very low production cost and capacity expansion make it a decisive factor in the LNG market.
- Qatar could either flood markets to displace higher-cost suppliers or withhold supply to protect prices.