The UK government could award oil and gas companies more than 100 new licenses to drill in the North Sea, as it looks for ways to bolster energy security amid a global supply crunch.

Launched Friday, the licensing round won’t lead to new UK production for several years. And when drilling does begin, Britain will still be dependent on energy imports, according to the government, leaving it vulnerable to soaring prices and supply disruptions of the kind that threaten blackouts this winter.

UK utilities company National Grid (NGG) warned Thursday that households and businesses could be left without power for up to three hours at a time in a worst-case scenario of very cold weather, low levels of wind, gas shortages and an inability to import electricity from Europe. It said it would take steps to mitigate the risk, including bringing old coal-fired power stations back online if necessary.

Starting November 1, National Grid will also offer financial incentives to customers to reduce power consumption at peak times.

Kathryn Porter, an energy consultant at Watt-Logic, told CNN Business that National Grid was still underestimating the risks to supply, but that blackouts for households were unlikely because it could disconnect large energy users at peak times if necessary.