Britain's Gas Storage Crisis: Low Levels, Big Concerns

Britain faces a pressing gas storage issue, with current levels significantly below last year's. Centrica, managing the country's largest site, warns of less than a week's supply after a cold snap. The firm suggests a 2 billion pound investment but seeks government support for viability.

Britain is grappling with alarmingly low gas storage levels, leaving the country with less than a week's supply following a recent cold snap, according to Centrica, the operator of the UK's largest gas storage site.

On January 9, 2025, UK storage sites recorded levels 26% below the previous year's inventory at this time, marking them at around half capacity, Centrica noted. The Rough storage site, essential to UK capacity, was reopened in 2022 but at a reduced capacity amid global energy turmoil post-Russia-Ukraine conflict.

The company proposes a 2 billion pound investment to upgrade Rough to full capacity but seeks government backing via a price cap mechanism. Centrica's CEO highlighted the lack of a mandatory gas storage target in Britain, contrasting it with European measures adopted during the energy crisis.

(With inputs from agencies.)