Banking and financial firms in London are closely studying and updating emergency power supply plans to protect themselves and their customers in the event of a power outage in the UK this winter.
Some banks are discussing the idea of encouraging work-from-home policies again from previous Covid shutdowns or using off-site locations, representatives of trade union UK Finance, the coordinator of the talks, told Bloomberg.
The UK and the rest of Europe are bracing for possible power outages this winter, especially if the weather is colder than usual and gas and power shortages strain networks. Governments in Europe are asking people to conserve energy to avoid blackouts.Read:ScotRail passengers set for weekend of disruption – BBC
In the City of London, banks are paying more attention to backup power supply plans in the event of a power outage.
“There is no panic, everyone just makes sure their ducks are straight,” Andrew Rogan, director of operational resilience at Financial UK, told Bloomberg in an interview.
This summer, London narrowly avoided a blackout in the eastern part of the city at the end of July. While London and much of the UK were reeling from the hottest day ever in Britain, rising power demand and grid throttling left parts of East London near power cuts. However, the UK managed to avoid a blackout in London by buying more electricity from Belgium at a staggering $11,812 (£9,724) per megawatt-hour (MWh), which was more than 5,000% higher. than the usual price.
Outside the UK, banks across Europe are preparing for power rationing and possible blackouts this winter by outfitting backup generators so they don’t leave banking and ATM transactions in the dark if the energy crisis worsens, sources familiar with the plans told Reuters earlier. This month. While governments in Europe are calling for gas and electricity to be voluntarily preserved, and even contemplating rationing, banks are also preparing for a difficult winter. The banking system is too important for Europe and its economy to be affected by blackouts.Read:Council rebukes rumours £130m Galleries project in Wigan town centre could ‘be left as wasteland’
By Tsvetana Paraskova for Oilprice.com
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