The Telegraph: We'll need Russian gas for years to come, says Centrica

Europe will remain dependent on Russian gas for years to come, energy giant Centrica has warned, dismissing suggestions the EU can replace it with other sources as "unrealistic".

European leaders have scrambled to try to cut reliance on imports from Vladimir Putin's Russia since the Ukraine crisis escalated last year, with Ed Davey, the energy secretary, suggesting loft insulation and wind farms were needed to "take on the Kremlin".

But Rick Haythornthwaite, Centrica chairman, told shareholders on Monday: "Whatever we might want as Europe, we need to be very careful about being pragmatic about the realities of it... I think it's unrealistic to think that Russian gas is going to be replaced in the near-term."

Iain Conn, Centrica chief executive, added: "Russia supplies... about a third of Europe's gas. You can't switch that off easily without huge consequence. There is no way the United States can supply that volume of LNG to replace it."

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