THE North East could end up playing a huge role if supplies are threatened as a result of the ongoing Russian invasion into Ukraine.
Teesside could become among the UK's largest areas for energy supply as the situation in Ukraine deteriorates further, it is understood.
On Teesside, a number of firms including oil giant BP has been investing in plans to build a facility that will help the UK become less "reliant" on other countries.
Read more: County Durham woman flees Ukraine just before Russian invasion
It comes as the price of fuel - and the cost of living - is set to further soar as the fallout from the ongoing crisis continues to threaten supply.
BP is developing plans for H2Teesside - the UK’s largest blue hydrogen production facility, targeting 1GW of hydrogen production by 2030.
The project is set to capture and send for storage up to two million tonnes of carbon dioxide (CO₂) per year.
This is reportedly equivalent to capturing the emissions from the heating of one million UK households.
Read more: Fuel prices in the North East could hit £1.60 a litre amid Ukraine crisis
Alongside that, BP is also developing plans for major green hydrogen production with the HyGreen Teesside facility helping turn the region into the UK’s first major hydrogen transport hub.
In addition, the Net Zero Teesside Power Station (NZT Power) will be the UK’s first commercial scale gas fired power station completely linked to CCUS - Carbon Capture, Utilisation and Storage.
This plant is a joint venture with BP leading as operator and is capable of supplying clean power to well over a million homes.
As the crisis worsened on Thursday (February 24), leaders in the North East responded with some explaining how hard the impact will be felt in the region.
John McCabe, chief executive of the North East England Chamber of Commerce said: “Our thoughts are with the people of Ukraine. The current situation there is a stark reminder of how global issues can make a negative impact on our local businesses, no matter what the geographical distance.
"We will all expect to feel the consequences of what is being played out in terms of rising energy prices, supply chain problems and uncertainty in some marketplaces.”
One immediate knock-on effect here in the North East will be on fuel prices, with drivers being warned over the possibility of petrol prices soaring to £1.60 a litre.
The price of Brent crude oil hit its highest level in eight years after increasing by 6.3% to 102.90 US dollars per barrel shortly after 8am on Thursday.
Average fuel prices at UK forecourts are already at record highs, and the situation is expected to worsen as retailers pass on further rises in wholesale costs.
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Do you have family who live in Ukraine or have lived in Ukraine yourself? Please get in touch
We are keen to speak to anyone in the North East who may have family or friends living in Ukraine at the moment, or anyone who may have lived in Ukraine in the past, or was born in Ukraine. If this is you then please get in touch.
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