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Friday, September 30, 2022

London’s banks prepare for possible blackout

London’s banking and financial institutions are carefully reviewing and revising their standby power supply plans to protect themselves and their customers in the event of a power outage in the UK this winter.

According to executives from trade organization UK Finance, which is leading the talks, several banks are looking to strengthen take-home policies from past COVID lockdowns or use outside facilities.

This winter, especially if the weather is colder than usual and gas and power shortages have strained the system, the UK and the rest of Europe are poised for a potential blackout. European governments are urging citizens to save energy to avoid blackouts.

In the City of London, banks are paying more attention to plans to have a backup source of electricity in the event of a blackout.

According to Andrew Rogan, Head of Operational Resilience at UK Finance, “There is no sense of fear; everyone is making sure their ducks are lined up.”

In late July this year, a blackout was avoided in east London. While east London was nearly dark due to high electricity demand and system congestion, the UK and much of London were still experiencing Britain’s hottest day on record. However, Britain was able to avoid the blackout in London by buying more electricity from Belgium for $11,812 (£9,724) per megawatt-hour (MWh), 5,000% higher than the current rate.

According to sources familiar with the plans, banks outside the UK are preparing for power rationing and possible power cuts this winter, installing standby generators so they don’t have to shut down ATMs and banking when energy conditions worsen. Banks are facing a cold winter as European governments urge voluntary savings on gas and electricity and possibly explore rationing. It would be disastrous for the European economy and banking system to remain unaffected by the power cuts.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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